step 1 - step 2 - step 3 - step 4 - step 5 - step 6
Step 2 - Price your Property Correctly
A correctly priced property generates an excitement that takes maximum advantage of Realtors' and buyers' attention during the first four weeks of a listing. That it why it is truly important to price your property "on the money" from the beginning.
An advantage to working with The North Woods Group is the market knowledge that only comes with the decades of experience that we have. Also, as a team, we are able to get qualified advice and opinions from each other to confirm that your property's price is where it should be.
To establish the best listing price, we start by considering the current market inventory, the properties that are going into escrow, and their prices. Our understanding of recent sales enables us determine where the market is in respect to what buyers are willing to pay. Also, the ability to understand what constitutes a more "difficult" listing enables us to determine factors which might aid or prevent the swift sale of your property.
We price to the competition
As the price of a home rises relative to the competition, our research shows:
- If the asking price is close to perceived market value, your house has a 95% chance of selling
- If the asking price is 5% over perceived market value, your house has a 50% chance of selling
- If the asking price is 10% over perceived market value, your house has a 30% chance of selling
A house priced high will get fewer showings but a competitor's house, if it is priced too high, will help to sell your home. Be aware, though, because this works both ways!
Sometimes, especially in the last few years, this business can be like "day trading". The market has had it's share of slight increases to huge increases, but it's important to always keep sight of reality. It is essential to work with an experienced Realtor who knows the trends, most recent escrows and sales, and how to compare those properties with yours. Once of the most common statements we hear from buyers is, "Why is that house priced so much higher?" The correct response is, "one can put any price they want on a property. Be sure to work with an agent who's first interest is to serve you best, not just get your listing!".
Working with a member of the North Woods Group ensures that your best interests are always at heart. We will not take a listing where the asking price is inappropriate. We want to list your house so that it sells in a timely manner, and at a price that's within your reasonable expectations. We try to always anticipate what the market will do, to the best of our ability, and price accordingly. And, the added bonus of a group of experience Realtors allows us to get advice and guidance from each other when pricing - making it more likely to find the most "market-friendly" price for your property!