A scale- one side is price and it's higher than the right side which is value

Get Your Home's Price Right: Unlocking the Door to Successful Selling

When it comes to selling your home, three factors take center stage: Elke's marketing expertise, the condition of your home, and pricing strategy. While Elke's marketing strategy can attract interested buyers, setting the right price is crucial to avoid a stagnant market presence.

Elke understands that achieving an optimal price requires a deep understanding of the market's behavior and current trends. Whether the market is shifting up, down, or staying stable, Elke invests countless hours in market research, property visits, and data analysis to determine the value of your home.

Many people overlook the fact that buyers ultimately determine the price. Just like when you're shopping and see two packs of gum—one priced at $3.00 and the other at $2.00—chances are you'll opt for the cheaper one, assuming they're similar. In this simple scenario, you've just determined the value of a pack of gum to be $2.00!

Why is pricing your home correctly so important?

  • Attracts a larger pool of potential buyers
  • Maximizes your earning potential
  • Facilitates a quick sale

The simple fact is price is the number one factor that most homebuyers use to determine which homes they want to view. It's crucial to remember that the price you set is influenced by buyers, not you. It's easy to let enthusiasm cloud your judgment, leading to the common mistake of overpricing, which can have negative consequences in the long run.

Avoid the Pitfalls: Reasons Sellers Overprice Their Homes

  • Over improvement compared to neighboring properties
  • Specific financial expectations from the sale
  • Over payed during the original purchase
  • Lack of guidance from an experienced agent for accurate pricing data
  • Desire to leave room for negotiation
  • Testing the market without a genuine need to sell
  • Emotional attachment to the house
  • Relying on advice from family, friends, and neighbors instead of factual data

pyramid that shows the longer on market the fewer the buyers and less the priceThe Dangers of Overpricing

  • Statistically, the highest offers come within the first 7 weeks of listing. Proper pricing and creating a sense of urgency are vital.
  • Buyers eagerly waiting for the "right house" in their price range may overlook an overpriced property.
  • Starting with a high price and later reducing it can lead to missed opportunities as interest diminishes over time.
  • Overpricing can result in appraisal issues, loan rejections, and wasted time.
  • Even if your home is superior, setting the price too high can deter potential buyers from considering it or even looking at it.
  • Long exposure to the market raises concerns and discourages offers.
  • Overpricing reduces the number of qualified buyers showing interest.
  • You inadvertently promote the sale of similar homes at lower prices.
  • While waiting for your home to sell you could lose money from having to pay additional mortgage payments, taxes, insurance, utilities, and unexpected maintenance costs.

Elke's Role in Pricing

  • Provides a comparative market analysis (CMA) based on recently sold and active homes in your area, considering factors like location, style, and amenities.
  • Instead of dictating the value, Elke equips you with the necessary information to make an informed decision on the best price for your home. She offers a price range and explanations of potential selling prices. In challenging markets, her listings typically sell for 98.6% of the list price.
  • Value is determined by the market, while together with Elke, you determine the price.
  • Elke keeps you updated on market trends and activity related to comparable homes.
  • Elke reviews your selling costs and estimates your net proceeds.

Remember, an agent has no control over the market; their role lies in the marketing plan. Never choose an agent solely based on price.

To have Elke create a customized Market Analysis, please complete the information below:

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Step 4 a drone flying over a house- what to expect when marketing your home