René Susak

Homes for Portlanders

Listing Your House? Price It Right From The Beginning For Optimum Results

I just read an article published by Florida International University and the Journal of Housing Research, about pricing homes for sale.  The article verified what I already know; The impact of taking a price reduction after listing a house for sale is in most cases negative.  The article confirms that on average, properties which experience a listing price change take longer to sell and suffer a price discount greater than similar properties.  Furthermore, bigger price changes are found to experience even longer marketing times and greater price discounts.  The implication is that sellers wanting to over-list will ultimately take longer to sell and will sell their property for less, on average.  Sellers, as well as brokers/agents need to be aware of the critical necessity of getting the price correct from the start.  I just listed and sold a beautiful home in Irvington.  After careful evaluation of the market and comparable properties, the seller elected to list his home at a very competitive price and ultimately sold the house in 24 hours, with three competing offers.  The house sold for almost 6% over the asking price.  Creating this atmosphere of value actually generated a competitive field which drove the price higher than what the (comps) neighbors’ homes have recently sold for.  On the flip side, a house in the same neighborhood, recently listed at an aggressive price relative to the comps, ultimately took a price reduction and finally sold after 4 weeks on the market, for 5.5% less than the asking price.  When listing your home for sale, it is vitally important to use an experienced and knowledgeable professional that can provide you with not only current market information, but also an informed analysis of that information.

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