We recently talked about the perils of relying on generic home pricing websites - see our article here.
Today we'd like to take things a step further, especially if you find yourself in the position of selling a home that isn't attracting offers at the moment.
The sad reality is that some agents will go along with an inflated price that the seller insists on, just to obtain the listing. What then usually follows is a process of gradually reducing the price, as it becomes apparent that the home is not attracting much, if any, interest. Emphatically, this is not the way to get the best return!
As we never tire of saying, it's a great market right now, indeed it's almost a perfect sellers' market, with high buyer demand and low supply of available Albuquerque homes for sale.
What this doesn't mean, however, is that pricing techniques have changed in some fundamental way.
Homes still have to be priced "in the market" to sell. This means to say that the price needs to be set at a level that will attract interest.
And those generic price websites we mentioned earlier can sometimes lead sellers to imagine that they have a home that's worth more than the actual market value. If the agent agrees to list at this price, buyers are very unlikely to ask to view the property, as they will be comparing it with other similar homes on the market that have been correctly priced.
It's therefore vital to engage with the right agent, who will optimally price the home to attract interest, given the up to minute situation in the market. With prices rising for some time now, this is a constantly moving target and the professional agent has access to this data and knows how to interpret it to arrive at a highly optimized suggested listing price.
The price that's arrived at will be priced "in the market" in such a way that it not only takes account of the recent selling prices of similar homes in the area, but also acknowledges any unique features of the home that may lift it above the competition.
As you might already have gathered, accurate and successful pricing strategies are indeed a very delicate balance. When done correctly, the effect is to attract a great deal of interest in the property, with several viewings from interested and qualified buyers, often followed, especially these days, with multiple offers that can even rise above the asking price!
To summarize, there is absolutely no substitute for experience when it comes to accurately pricing your home. Why not contact us at The Romero Team today for an informal discussion about the price of your current home and help in solving any difficulties you've been having in getting it sold.