What is the Right Asking Price?

How do I determine a reasonable asking price?

Get an education in values for competitive properties. Your RE/MAX Gold agent will be pleased to provide you with a Competitive Market Analysis (CMA). This report contains details about recent sales in the area, so you know what actual buyers have actually paid in this market recently. This is very important because your value is directly impacted, if not dictated, by your neighbor’s values. The CMA will also include the current listings on the market, which become your competition. It is important for you to understand what the competition is in order to know what your potential buyers will see on the same day they will look at your property. If your property is overpriced, buyers will choose to make offers on your competitor’s property. On the other hand, if you price your property at market value, buyers will quickly recognize this and the offers will come to you instead of an overpriced competitor. Don’t make the mistake of allowing lots of “negotiating room” in your asking price. The closer your price your property to its actual, justifiable market value, the sooner it will sell; and for more money. Why? Buyers recognize a good value and a seller who is trying to be fair. Buyers generally don’t want to offend people, so a reasonably priced property is an opportunity to avoid doing so. It’s a win-win situation for the buyer and seller. Sellers are often surprised when told about how many full-priced offers we receive when a property is reasonably priced.