Pricing Strategy for Property Sellers
Pricing is a make or break aspect of selling your home. Pricing your property too high can cause it to stay on the market for a long time with no offers or showings, and sell for less money.
Take the data of sold properties (in the last 365 days) in Ocean City as a reference. These stats are pulled within the average price range of Ocean City sales. Notice that the properties that come onto the market at a lower price actually sold for more money in less time. They did not need a price change to sell and sold for more at a shorter time (an average of 61 days). On the other hand, the properties that started at a higher price took an average of 161 days, and needed at least 2.1 price corrections to be sold at a lower price. Not accounted for is an additional 100 days of taxes, mortgage payments, utilities, maintenance, and more!
In general, we know people love buying things at the right price. When buyers see the value of what they are getting, they go for it, or to an extent, even fight for it until they win. We use many strategies to help sellers to get the most money for their home. However, the only one that works every time, without fail, is to price the property correctly.
If you notice that you’re not getting the right offers for your property, it might be time to make some adjustments as you might have priced it incorrectly.