Pricing Real Estate to Sell Is Essential Piece to Today’s Real Estate Investment Puzzle
High and low pricing: sellers who like to make a killing price their property way too high, making it out of reach to buyers who are looking at similar properties in the same location. Don’t be priced out. Going to the other end of the spectrum, you’ll know that you priced your house too low when it’s bought the same or next day after you or your agent advertised it. It was “snatched” by someone else because it was way below market price.
Obviously, you as seller will try to get the highest price you can get for your property so you start with a high price.
The buyer, on the other hand, will offer the lowest possible price he can negotiate. So you start high and he starts low. This creates plenty of room to negotiate - the gray area that lies between the highest and lowest prices.
This is where sellers can make the mistake of not demonstrating sufficient flexibility to the buyer!
This is the reason there are high and low prices in real estate what Albert Lowry called practicing the give and take principle. “Such give and take is part of the bargaining process, it gives you both room to negotiate. As you and the buyer make proposals and counterproposals, you are inching closer to agreement. Then at some point one of you will yield no further.” Develop the extra sense to know when to stop negotiating.
Being realistic in your pricing is an essential part to preparing your real estate for a quick sale, check out my: Insider’s Guide to Selling Real Estate
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