If You're Pricing Them Right, You Can Get Them Sold!

With foreclosures on the rise and tougher lending practices, inventory is also on the rise! If listings are getting harder to sell, why take any more? How about leverage...how about marketing opportunities... and how about networking opportunities?

So how do you get them sold? I believe if you price them right, you can get them sold. I don't mean eventually getting to the price, you got to price them right the moment they hit the market. Statistics show that by the third week you should have reached peak interest in the listing. Knowing that, it is key to price the listing right from the start. Below you will find some recent strategies that I am using in the North Georgia Mountain real estate market to assist me in pricing my listings to sell.

1. Know the Market: Price Accordingly.

After you do your research and you know the prices of the homes that have sold in the area, price at or below those prices. Also keep in mind that as Buyer's are looking for property, they are going to buy the best house for the money. Knowing this, use Hard Price Points when deciding the final number to use. Please keep in mind that these price points could change depending on your market.

The idea of using Hard Price Points is simply to take advantage of two different pricing markets.

For example, let's say I have a listing priced at $299,900. Elvira Munster over at Adams Family Realty has a Buyer looking to spend up to a maximum of $300K. Well you know we as Realtors only know 0's and 5's so that is what we put into our MLS Systems to begin our searches on pricing. So Elvira puts in $250K-$300K for the price into the search criteria. Great, our listing will come up in her search and hopefully she will at least show it. However, Frank Enstien from It's Alive Realty across town, has on the very same day a Buyer looking for a home also, and they are willing to possibly go up to $350K. So Frank plugs into (no punt intended) his computer a price of $300K-$350K, again because like all of us, ol' Frank only knows 5's and 0's! Well guess what, my $299,900 listing just missed Frank's possible list of homes to show his clients by $100 measly little ol' dollars. Now, if I had that listing priced at a hard price point of $300,000 I would have had the advantage of both Buyer's markets. Remember, a new listing priced to sell is like a fresh loaf of bread just waiting to be squeezed.

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