Pricing your home correctly is EXTREMELY important in today’s market. If priced too high, your home could be missing out on a lot of buyer attention – but if priced too low you could end up leaving money on the table! And the kicker – if priced incorrectly and it ends up sitting on the market, take a look at how fast “holding cost” can add up while waiting for it to get sold!
Why This is Important
An accurate listing price is pivotal for garnering appropriate attention. Overpricing risks low buyer interest, while underpricing may lead to missed profit opportunities.
The Relationship Between Listing Price and Buyer Attention
Finding the right price is key to attracting potential buyers. Here’s a visual representation of how listing price affects buyer attention:
When you set your listing price:
+15% above market value: You capture only 10% of buyer attention.
+10% above market value: You capture 30% of buyer attention.
At market value: You capture 60% of buyer attention.
-10% below market value: You capture 75% of buyer attention.
-15% below market value: You capture 95% of buyer attention.
Overpricing is Costly
Not pricing your home correctly could cost you if you consider how “holding costs” can accrue over time. Here’s a look at how much your home could cost if it sits on the market:
For a home listed at $600,000:
30 Days: $3,550
60 Days: $7,100
90 Days: $10,650
120 Days: $14,200
Accurately pricing your property ensures you attract the right buyers quickly and avoid unnecessary holding costs. Make sure you consult with a real estate professional who is an expert in the Encanterra Market to get the best possible pricing strategy for your home. For more tips and insights on real estate in the Encanterra Golf & Country Club Community, contact your onsite Encanterra Experts, Shea Preferred Realty Group, today!
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