If the List Price is Perfect - Perhaps Your Offers Won't Be
Determining a listing price for your North Shore home is part technology, part gut feeling, and
part science project. ?- The technology is the information gleaned from the Multiple Listing Service that tells us what comparable homes are on the market for and what they have sold for. ?
- The gut feeling comes from the experience that we, as real estate agents, have from living and working in a particular market. ?
- And the science project? ?Let's just say that that could blow up your lab. . . .
Why? ?Because the first two components are key to getting your home listed at the "sweet spot" price. ?A price that is compelling, invites interest, and is reasonable. ?A price that allows for negotiation but is not too high to discourage offers in the first place. ?
However, if a house is priced below that spot troubles can arise. ?I know many sellers want to leave "wiggle room" but how much should that be? ?What if the wiggle room is too small? ?We know what happens when it is too big - price reductions. ?If your negotiating space is too small and buyer's agents don't check the comps, guess what? ?Low-ball offers -? regardless of how well it's priced.
Every month I prepare market statistics for Winnetka, Wilmette, Kenilworth and Glencoe. ?As an example, Wilmette homes sold for 93% of list price in my October market report. ?That is an average and means some sold for less and some for more. ?That average can be used as a guide, but it may not be directly related to the house you are bidding on.
Make sure your agent has checked the comps, knows the area, and is confident in the numbers. ?Because the offers I am getting on an excellently priced house - where there is indeed wiggle room, tell me otherwise.
Source: http://activerain.com/blogsview/3534118/if-the-listing-price-is-perfect-perhaps-your-offers-won-t-be
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