Page 39 - Full Presentation

THE BEST OFFERS USUALLY COME WHEN A HOME IS NEWLY LISTED
The Danger of Overpricing
Broker and buyer interest is at its highest within the first few days of being placed on the market and having a competitive price is crucial! The majority of buyers will visit your home within the first two weeks - These buyers are already familiar with properties previously on the market, are pre-qualified and ready to make an offer and are knowledgeable about market prices.
An asking price that is beyond market range can adversely affect the marketing of a property
• Marketing time is prolonged and initial marketing momentum is lost
• Fewer buyers will be attracted and fewer offers received
• The property attracts “lookers” and helps competing houses look better by comparison
• If a property does sell above true market value, it may not appraise and the buyers may not be
able to secure a loan
• The property may eventually sell below market value
Asking Price in Relationship to Fair Market
+10% above
5% above
Fair Market Value
5% below
10% below
% of Prospective Purchasers Who Will Look at Property
2%
30%
60%
80%
92% WEEK 1
WEEK 2
WEEK 3
WEEK 4
WEEK 5
WEEK 6+
Percent of Buyers Who Will View Property
Timing Activity