A Successful Listing Price Strategy is key to success
Pricing your Home to Sell.
First let us examine the best way to get the WORST price for your Tulsa home. Over price it in the beginning. Then List your property By Owner, or with a real estate professional who has enough time to take an “over-priced listing. There is no substitute for a well-conceived and thorough Value Analysis and Listing Price Strategy, for your Tulsa home and there is no charge or obligation for this service.
Why is the Right Price So Important?
When a home’s listing price is right, Buyers get involved quickly and Sellers gain a competitive advantage which can possibly even lead to multiple offers. Use the paradox of price to your benefit. If you have the will to set a compelling price, the reaction of the marketplace will amaze you.
If on the other hand you give in to the temptation to “over-price” your home in the hopes that someone will pay it, you are certain to be disappointed with the results. Qualified Tulsa Home Buyers and their REALTORS® are likely to have been looking in your area and waiting for a suitable house at an appropriate price. If your home is properly priced it is possible that it may sell very quickly. If not… it could sit there for months.
Why Not Start High and Come Down if Necessary?
An over-priced Tulsa home for sale can go stale after the important first few weeks when the home is new on the market and getting the most exposure. Then, when the price is adjusted at a later time, the house is often overlooked because first impressions are lasting. Overpricing costs in terms of money but also in disappointment and missed opportunities.
If the listing price is too high, Buyers will simply reject the property and move on. In most cases the approach “let them make a offer” just won’t work. Buyers do NOT want to offend anyone. Competitively priced properties encourage reasonable offers, pleasant negotiations and a smooth closing. Over pricing your home usually leads to disaster.
Who Determines Market Value?
The market value of Tulsa homes or of any residential real estate is, like many other things a simple matter of supply and demand … nothing more, nothing less. The magic moment arrives when a Buyer says, “I will pay X Dollars, and a Seller says, “I accept”. So, it is the “invisible hand” of the market that ultimately determines the sale price you will achieve.
Today’s Tulsa home Buyers are usually well informed and select homes by comparison shopping. They are routinely aware of subtle differences in features and values. In their eyes, your price must be justified in comparison to other Tulsa Real Estate for sale.
Special Note of Caution.
The selection of a listing agent to serve you should be based on their service, fees, and reputation, not on the estimate of market value. As we like to say, we are not here to bring you the “good” news, and we are not here to bring you the “bad” news. We are just here to bring you the news and we are not about to start lying now.
After all its only human nature for Sellers to see their properties through rose colored glasses or even to have unrealistic expectations. It is also human nature to want to tell people what they want to hear, even for real estate professionals.
For the best results, encourage your real estate professional to be completely candid, especially about the price. Implying that the Listing is going to the Broker with the highest estimate of value is the wrong message to send and will certainly backfire in the end. Seek a completely impartial and objective value analysis.
Consider these Factors That Influence Sales Price
Things you cannot control
- Location and Market Conditions
- Recent Comparable Sales
- Mortgage Interest Trends
- General Economic Climate in the Community
Things you can control
- Listing Price
- Terms Offered
- Condition of the Property
- Ease of Showing
- Marketing and Promotion
Factors that do NOT influence price
- How much you PAID for the Property
- How much you WANT for the Property
- How much you NEED for the Property
- The Value of OVER improvements
The Comparative Market Analysis – It’s Free
Taking all the above factors into account, the Tulsa Metro Tulsa Realty Group will prepare a comparative market analysis of your Tulsa home to reflect the current market conditions of your property and it is free to you. It includes an examination of your property as well as a study of competitive properties currently on the market or pending and those that have recently sold or expired.
Call us today for your FREE “Comparative Market Analysis. Reach us at (918) 605-5529.