Southern New Jersey Overlook

According to an NAR report, 77% of homebuyers surf the Web to begin their home search. Likewise, commercial property buyers are usually heavy users of the Internet in conducting initial searches.  That means buyers are well aware of what properties are available on the market and the prices for which they are selling. Therefore, now more than ever, pricing is the key to selling your property.

Some sellers think that a higher price will give them some negotiating room. But in fact many buyers don't even look at a property that is overpriced, much less make an offer on it.   A seller needs to keep in mind that a higher price may also put their property into another search bracket for online searches of available properties which may cause it to be overlooked.  For example, pricing a property at $354,000 will mean that it may never been seen by those looking for $350,000 and under, even though there is often a good chance that $350,000 (or even a higher amount) would be a price the buyer would agree to if they liked the property well enough.

Overpricing can lead to the property’s becoming “shop-worn.” Buyers often inquire about the length of time a property has been on the market (Days On Market or DOM). If it has been on the market a long time, they wonder if there is something wrong with it. The sellers then have to drop the price, taking less than they might have if they had priced it correctly to begin with.

Starting at too high a price may also mean that the critical period when the property first comes on the market and the real estate buying community first becomes aware of it's availability will create a negative impression about the value of the house and may turn off agents from showing it, not wanting to waste their and their buyer's time.  This is especially so in a buyer's market.  The seller then tries to play "catch-up" to the downward market demand and may eventually be forced to drop the price below what would have sold if property priced at the start.

Properties that are well-priced attract the buyers in their price range. The buyer's perception is that the property is a good buy, and then the seller is positioned to receive the listing price or close to it.  Time and time again, experience has shown that properly priced properties have a much higher chance to experience competitive offers from several buyers, sometimes driving the price higher than asking price.
 
 
Please feel free to call or email us if you have any questions. We would be happy to provide you with a market evaluation on your property to make sure it is competitively priced in the marketplace so you will receive the best offer.
 
 
Visit my web site for additional services and support: www.LawrenceYerkes.com
  
and visit BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land).   
  
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