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Important Home Pricing Tips

When the market is hot, homes with little exposure and poor pricing still have the potential to sell.  In a current market with reluctant buyers and fiercely competitive sellers, skillful pricing is more important than ever. There are many things to consider when pricing a home. Listed below are just a couple of things to consider. 

Price competitively. If there's a glut of properties on the market similar to yours, look at the prices. If there are ten houses in your general area listed around $360,000, a good way to get exposure is to list just below that price. Even employing classic sales tricks like pricing your property at $359,999 is better than falling in line at the exact price of your competitors.  

Overshoot your price.  The final price of a home after negotiations usually turns out to be smaller than the original asking price. This is the nature of negotiation and should be anticipated when deciding on an asking price. If you are comfortable with selling a home for $340,000, pricing it slightly above that number hopefully results in a compromise at or around your exact acceptable number.

Put thought into your price. If you were to meticulously quantify the value of your home it would likely come out to a number like $343,400 not $345,000. Don't underestimate the intelligence of buyers. They will recognize when a price is too broad and vulnerable to negotiation. Price your property with facts to support its value. Don't broadly price a property to sell.

Make sure your prospect has all the numbers. Buyers will likely calculate the value of a home they're interested in. They may not have incredible math skills or may be overwhelmed by the amount of analysis necessary. You should use aids such as figures, percentages or graphics you can use to convey your message.

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