7 Home Selling Myths Debunked: Part 2

Myth #2: Wiggle Room in Pricing Is Essential for Negotiation

The market price of a home can fluctuate by tens of thousands of dollars over a year as markets goes up or down. If you’ve got an overpriced listing on the market, it gets staler every day that the listing is available. During our current housing boom in Edmonton, certain market segments are seeing multiple offers and properties selling in 1-3 days! Seeing a home on the market for longer than a few weeks can have a perception that something is wrong with it in a strong market like we are in.

A big piece of a real estate agent’s job is to price a listing accurately. The thing is, it can be tricky. You’ll most likely get three different numbers if you have three different real estate agents conducting a comparative market analysis (CMA). Having an agent with a pricing strategy is very important. Wiggle room is not as important as the list price! The list price is your #1 marketing tool to get your home sold -- hands down!

Take the analogy of the fisherman, catching the fish is the hard part, reeling in the fish is mush easier. Just the same as finding the buyer is the hard part. Your bait is your list price once you have the buyer “on the hook,” it's much easier to reel them in with an offer.

In conclusion, don’t let your home get stale and don’t overprice your home to give you negotiation room. Price it right from the start and this strategy will lead you to the highest and best offers.

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