Bidding Wars and multiple offers have been the story of 2021 so far. But now inventory is increasing (Up 50% in the past 30 days) and while inventory is still historically low, pricing your home correctly is more important than ever.
Our 18-Point Analysis will bring you the most accurate assessment possible when it comes to your home's value. Click here to learn more! We factor in sold homes, active, pending, pending inspection, builder, size, beds, baths, school, year built, upgrades, lot size, assessments, condition, view, curb appeal, title issues and easements.
On average, serious buyers look at about fifteen properties before they make an offer. Doing so gives them a basis for determining how competitively a property is priced, both in terms of the market generally and what they are looking for specifically.
If you overprice your property you'll usually lose serious buyers even if they otherwise love it. Experience shows that buyers usually do not make what they consider to be realistic offers on overpriced properties because they assume that doing so will just be a waste of time. The overlap between buyer and seller price ranges is depicted below. It will be helpful to keep this diagram in mind when pricing your property.
How you price your home will directly impact upon how many buyers, showings and offers you attract, and ultimately to how easily it sells. At the pyramid's center is the fair market value at which a reasonable percentage of buyers would view and purchase your home. When you under price your home you'll attract a greater percentage of buyers, and when you overprice it you'll attract a lesser percentage of buyers.
The Bottom Line: REALISTIC IS STRATEGIC!
Your Home's Optimum Time-On-Market
General definitions of market value usually say that it is the price a home should sell for when it has been on the market for anywhere from three weeks to two months.
However, if you want top dollar for your home, experience shows that you should try to get and accept a solid offer sometime during the first 10-14 days on the market. It is during this peak "window" that your home will enjoy maximum market exposure and buyer interest.
Beyond three weeks your home will increasingly be viewed as a "stale" listing -- i.e. as a commodity with a history of being rejected by other buyers. Consequently, there will be less interest, less showings, less offers and less likelihood that you'll get your asking price.
This is why it is crucial that your home be priced correctly during the three-week window.
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