How important is pricing it right the day a property is listed?

It''s the MOST important thing. You might here an agent say "well, it can't hurt to try it at $269,900" when in reality you and your agent knows it really worth $250,000 max. Does Wal-Mart say "let's try selling our goods $10 above what a buyer is really willing to pay, and if they don't want to pay that we can just lower it." NO they do not. Why would a home owner try it. 

Unless you are in no hurry to sell your house for the Highest Price, and in the least amount of time then pricing it right at the beginning may not be a priority. Hire a real estate agent that has knowledge of YOUR market and can ZERO in on the real value, Otherwise you could be wasting alot of peoples time. Get it priced right, right out of the gate - you WILL get better offers, and more of them and lose alot less sleep. 
  • October 15 2013 - Leominster
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Answers (18)

If you want to sell quickly, it's very important! Otherwise, the longer it sits the more the buyer tries to negotiate. In my area, homes tend to sell close to the asking price (if it's priced correctly) within the first 30 days.
  • October 15 2013
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Profile picture for Nelene Gibbs
Pricing your property right is key critical to a quick sale.  You do not want to linger on the market and miss potential buyers that will not visit your property if you are overpriced.  Four of the recent  properties that I have priced correctly have sold within a week of listing.  Don't make the mistake of pricing high with the plan to lower as you move along.  It is not a good strategy in our current market and will only cost you money in the long run.
  • October 15 2013
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It is absolutely critical to price a property accurately from the first day of listing. It is also important to have the property in best showing condition on the first day of the listing. Sellers who make the mistake of over-pricing their property and/or waiting for feedback prior to making repairs, typically end up selling their property for less than it should have sold for and after a longer time on the market than expected. My advice is to have it ready to show on the first day of listing and price it right from the beginning.

Nancy Knupfer
Keller Williams Realty - Lansing East
[contact information removed by Zillow Moderator]

  • October 15 2013
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Profile picture for CallTheSisters
HUGE.  You never get a second chance to make a first impression.

Once you start making price adjustments to catch the market you're advertising it was an over priced house to start with.
  • October 16 2013
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The right price on initial listing should result in a full price offer. But pricing is only part of the process, the most important is to prepare the property for market by cleaning and staging. I was successful by doing this and sold within 14 days.
  • October 16 2013
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To sell a home for the most money and in the least amount of time you have to price the home right otherwise you are just hurting yourself and the home owners!
  • October 16 2013
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To me pricing a home right is the difference in time and money spent! As most of you know clients typically believe their home is worth more than all others around them, I know I did!  but taking the time to do a little research and comp out other homes to yours is the best way to go, especially since that's what the appraisers do before the escrow funds.   interesting topic!!

  • October 16 2013
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Profile picture for Scott Kompa
When you price the home at market value you sometimes get bidding wars athat drive the price up.  The bidding war may not have happened if it was overpriced in hopes of getting an offer.  And then people would compare your home to other homes that are priced correctly... this is not good. 
  • October 16 2013
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Profile picture for Barbara Zorn
The most exposure comes in the first two weeks! If you price it too low you will have the e-bay effect and a bidding war. This means you will end up at or above the current market value.

It is always better to be priced too low rather than too high in a strong market. Ultimately you will get the highest price possible!
  • October 16 2013
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The buyers in the marketplace already know the value of your competition and they did not buy those homes.   If your home is not priced right, those buyers waiting for you to come on the market will know better than anyone that you are not a good value.  The buyers that should be looking at your home are not shopping above their ability or desire.   Every seller wants to build in "wiggle room", but no buyer will pay too much.  So no "wiggling" will happen if the wrong buyers with different expectations view your home.
Sellers say "Tell them to make an offer!"     But the buyer with the different expectations for the overpriced listing want the amenities, location and condition of the same price point.   So even if they know they can buy this house for less, they don't want it.  They want to spend that amount of money and get something more than your overpriced house offers.  The real buyers don't look because they think they can't buy at that level.    When you drop the price, they wonder what is wrong with the home that it is not sold yet and the price was lowered. 
  • October 18 2013
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Profile picture for Scudo Realty
Price could arguably be the MOST important part of listing. An experienced Agent helping the Seller navigate the "sweet spot" of pricing is invaluable. You can never recover your "first impression" on the market, it's critical to get the price right from the first day it goes active.
  • October 19 2013
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Pricing your property is one of the most important parts of listing your home.  The great thing now is the lack of inventory so you can go a little higher not much and get all the money for your home hopefully at your open house.  That is how I have been helping my clients.  It all depends on your are.   Over pricing will hurt you your house will linger on the market and buyers will wonder what is wrong with it.
  • October 23 2013
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The day your listing goes live in the MLS that is the time in which your property gets the most views that is why it is imperative to price a property right. Many sellers want to try to price high and that does not work.
  • October 23 2013
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I will answer simply, very! Why would you take a trip somewhere, but head in the wrong direction?!

Price it correct from day one, and you will be on to your next "chapter" in no time!

Best of luck!

Michael Thacker
REALTOR
  • October 27 2013
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Research has shown that the first two weeks of a listing is the most important period.  This typically is the time frame that most buyers will be looking at your property.  If you use this time period as a "test," you may be missing out.
  • October 27 2013
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Pricing is the most important key in selling a home.  If a property is priced too high it will sit on the market and chances are it will show very little if any at all.  If you want it to sell it needs to be priced right from the start!
  • October 28 2013
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Your pricing strategy depends upon your objectives.  If you are simply "testing the market", have no specific timetable in which you want to sell and are simply trying/hoping to find that perfect desperation buyer...  Then feel free to price high.

However, consistent with the commentary you have received earlier, pricing your home properly is among the keys to selling your home quickly. 

Remember that Agents and Buyers have tremendous access to information that helps them determine fair market value of a given property... Which leads to most homes selling for fair market value.  But you never know, maybe you'll be the one that gets lucky.  Just don't count on it.
  • October 28 2013
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Pricing is the most important component of any selling strategy. Buyers today understand value and with the exception of very few markets, buyers will not exceed what they feel the home is worth based on multiple data sources that are available to them.
if you are looking to sell your home in a reasonable amount of time Pricing the home correctly according to its appraised value based on similar homes sold in the area within a given timeframe is the best way to price your home.
  • October 28 2013
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