Time on the Market vs Price - Inverse Relationship

It’s in human nature for a seller to feel that their residential space is far superior to other comparables and attempt to try to overprice their residential unit, hoping that there’ll be an uneducated buyer willing to spend or at least make an offer at the asking price - this is a huge misconception. In today’s internet age, buyers are more educated than ever - they’re researching and obtaining valuable information on properties/areas before they “actually start looking.” Therefore, the seller must price correctly from the beginning in order to achieve a maximum profit.

Note: Analysis your asking price every two (2) weeks. Are you having many showings but no offers? Are you getting initial showings but no second looks? These types of issues might be signs of overpricing – start to think about lowering your asking price by 10%.

Whether it’s improper pricing, high mortgage rates or the market – the longer your residential space is on the market the lower selling price you will get. Research “comps” and be aware of all variables to maximize your selling potential.

Utilize the fact that you’re not going to have to pay the 6% brokers commission fee and lower your asking price from the comparable sales of brokers, to create an extremely attractive deal for those educated buyers. In return, you’ll receive multiple offers creating a bidding war between respective buyers rewarding you with more money in your pocket.