At Condoideas, we match our broad knowledge of market conditions with our tested marketing strategies. One step in our marketing plan is to provide you with a Professional Market Analysis of your home. Our goal is to determine a competitive price range that works in your favor. We want your property to attract agents who will want to show your property. We want to elicit serious offers from serious buyers. And we want to encourage lending institutions to appraise your home at a value that will comply with any financing contingency.
The amount a serious buyer is able to make towards a down payment and a monthly payment determines the price range they can afford. For the down payment and monthly payment requirements on your property to be competitive, the property must be priced correctly.
Buyers become their own experts quickly, especially in their own price range. If they feel your asking price is unreasonable, they will shy away from even looking, let alone considering your property.
A property priced above the competition discourages buyers who, by nature, shop by comparison. When you later invite a buyer to make an offer, they infer that a fair price was not established in the first place.
An overpriced property invites unreasonable offers. After all, a buyer may feel that they can be just as unreasonable in making an offer as they feel the seller has been in setting the asking price.
If a buyer feels the price has been reasonably set, they are more likely to make an offer. With more offers being made, a seller takes back some control without feeling an obligation to an unreasonable buyer.
Buyers tend to shy away from a property that has been on the market for an extended period, especially one for which they feel the seller has set a high price with the belief that they will get more if they just wait. In fact, fewer potential buyers will look at a property with an inflated asking price, thus reducing the chances for sale.
Are you planning to adjust your price at the time of sale? Why wait. Adjust it ahead of time and wait for the serious buyer to come knocking at your door.
Your goal is to expose your property to as many serious buyers as possible. To accomplish this, you must determine a competitive price range compared to other similar properties in your area – competitive in terms of price, terms and conditions.
We offer the following as a reminder of the benefits that arise from a reasonable market analysis of a property.