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One of the greatest challenges of my profession is pricing homes correctly. Obviously, as a Listing Agent, my highest priority is getting you, the seller, the highest possible sales price. However, I must be careful not to let that desire cloud my judgment as to what is a reasonable and realistic expectation regarding your home's value on the market place in the circumstances. Here are some reasons why it is so crucial to price a home properly from the beginning of a listing....
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Most of Your Showings will Occur in the First Three Weeks Your Home is Listed
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The National Association of Realtors (NAR) reports that in a typical listing situation the number of showings per week increases during the first, second and third weeks after a home is listed for sale (peaking during the third week). Starting in the fourth week, the showings begin to decrease and continue to do so until approximately the eighth week, at which time they level off at the lowest level.
Further, a new listing is:
- Exciting. There is an emotional advantage to you as a seller at the beginning of the listing period; buyers have an elevated sense of urgency and expectation during this time.
- Shown More
- Sells for a higher price than older listings. Later, fair or not, prospective buyers begin to wonder why your home hasn't already been sold.
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Homes Sell Closer to their Asking Price During the First Few Weeks
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Based upon another study performed by NAR, properly priced homes sell faster and for more money during the first weeks of the listing period. Specifically, here is what that study showed:
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