About Nanuet's Spring Valley

When meeting with sellers about listing their homes I often hear the strategy of setting the initial asking price high and then coming down in price if it does not sell after a few weeks. This is really not a good idea in todays real estate market. If you start with too high of a sales price, then decide to drop it later your house will loose that initial flurry of activity that new listings typically get. This strategy could hurt your chances of selling your home quickly and you may even have to settle for less than market value.

An asking price for a property that is beyond market range can adversely affect the marketing of a property and do not attract qualified buyers, if this house is unrealistically priced it fails to get normal advertising response so this reduces the effectiveness of advertising. Eventually market interest in your overpriced property completely declines. As this stage is reached, the seller becomes desperate and he begins to feel he would sell at any price. In the meantime, the seller must bear maintenance and mortgage costs. The net result is that the seller gets much less than he could have if the house was correctly priced in the first place.

Remember real estate agents are working with buyers who have seen what is currently on the market and are waiting for new listings. Therefore, the most activity will take place in the first 30 days of your listing. Your home will receive its highest and best offers during this time, also buyers won't see your property because they will view the properties that are within their purchase price range, also Agents will use your home to demonstrate the good value of other homes on the market. In the start of the marketing process of your home your objective should be to enter the market in a position to attract buying prospects not driving them to other homes on the market, and if you do get an offer, the contract may fall through because of appraisal problems, remember the buyer lender must justify the price to the market.

Eventually marketing time is prolonged, and marketing momentum is lost. You home will become stale on the market and prospects will wonder why it has been on the market so long or if something is wrong with the property, even after you lower the price. Remember a house takes on a reputation surprisingly fast, so take advantage of the new listing exposure.

For assistance with any of your real estate needs, please call or visit me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question. I would welcome the opportunity to make a difference for you

Anthony Stokes-Pereira
Direct:(845) 770-2188
Office: (845) 624-8100 Ext: 188
Email: anthony.stokespereira@prudentialrand.com