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Sellers Guide to Setting the Right Price

By setting the right price, your property will attract more interest and buyers will probably bring their best offers if they really want your house.

When a house is priced too high, potential buyers know since they are looking at the market data and typically stay away from viewing the property.

The highest volume of showings occur in the first 3 weeks when a property is new to the market and buyers are curious.

Pricing is Almost Everything

Pricing is almost everything, offers are higher when a property is priced closer to market value. The real estate market sets the price, not wishful thinking or any other factors.

It is the simple law of supply and demand, the closer to fair market value your property is priced, the larger pool of interested buyers.
 Common mistake sellers make is to ignore the market data and attempt to list their property too high in price.
 If overpriced, the traffic will slow quickly after the initial showings and the longer a house sits on the market the greater the potential to stigmatize the property in the minds of the buyers.
They will begin to question why the house has not sold and start wondering if something is wrong with it and or creating a waiting game to see how low the price will go.

Three Types of Real Estate Markets:

Balanced Market:
This describes a market that is neither a buyers market nor a seller's market. Houses are staying on the market longer than in a seller's market and prices are remaining stable.

Sellers Market:
This is when there are more buyers looking to purchase a house than there are houses listed for sale. Competition for houses can be fierce and houses listed for sale may receive multiple offers resulting in selling over the list price and increasing market value.

Buyers Market:
This is when there are more sellers than buyers and there is a good supply of houses on the market.
Buyers can afford to take their time when looking for a house and there are many houses on the market.