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What is a good price?
It's easy to name an ideal price for ones property. And yet pricing it too high or choosing your property specialist on a price too high could be the worst mistake a seller can make.
No matter what you or your property specialist think is the worth of your property, it's the buyers opinion who makes the offer that matters. There is an art in pricing ones property that also equally has science come into play.
You can't just pick a price out of the sky.
It involves comparing similar properties, making adjustments for the differences among them, tracking market movements and noting what the present inventory is like, all in an attempt to come up with an educated opinion on a range of value.
Appraisers evaluate property this way. Evaluations of different appraisers will be one way or another similar, based on these methods of studying the market which eventually dictates the price.
If a home is priced too low, there's a chance the seller will receive multiple offers to drive up the price to market value. There's also a risk of closing lower than what you would want if there are no offers to have some form of competition but I tend to think there is more danger should the pricing be too high and based solely on opinion of value. A property can be too long on the market that the perception of it also softens. It will now seem more like an expired listing that won't command much of a good price.
The timeframe that you've waited may amount up to a considerable loss of opportunity. Had you been reasonable from the start, the amount made on a good price could of been rolled over for other opportunities where in the end you may turn out to be ahead of the game. Of course this also relies on wise choices of investment . Listings are always best when they are fresh.
Homes sell at a price a buyer is willing to pay and a seller is willing to accept.
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