Have you noticed homes sitting on the market lately and wondered why they are not sold?
Understanding ‘Pricing’ will aide in getting any home sold. (see graph to the left)
For most of us our natural bent when shopping for anything is to look for a value yet many sellers are still in the habit of pricing homes at Market Value.
In many cases, in a decending market, pricing at Market Value is the kiss of death.
Value-driven buyers simply overlook homes that are not true bargins.
To sell homes in this market consider ‘Pricing’ below Market Value. Doing so will draw ‘Value-driven’ buyers, reduce Time-On-The-Market and increase the probability ( due to increased competition) of selling the home at Market Value.
Do the Math: a mortage payment of 2000.00/month that doesn’t sell is a cost to the seller. So every month the home sets unsold 2000 is spent that could otherwise be invested in the next move.
In this market, pricing at Market Value isn’t smart ‘Pricing’ and it ultimately costs the seller in terms of time and money.
If you want droves of buyers to get excited about your home price it 10-12% below the average most recent sale and then market the daylights out of it prior to the first showing.
In my experience, proper ‘Pricing’ usually creates an auction effect resulting in several offers at or above list price even in down markets.
For more information on How to Get Homes Sold in any Market, contact me at: eric@team366.com.
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