In discussions with my team over the past several months, we’ve talked a lot about the term “proper pricing”. While I’ve always tried to impart in them the importance of proper pricing as a tool, it only becomes more crucial in a market such as this one. It is my belief that conducting an accurate pricing analysis is amongst the most crucial tools we as brokers have, which is why it’s so important to have a trustworthy broker with ample experience in your neighborhood on your side. Here’s why proper pricing is so important:
Properties Priced Too Low: A property priced too low is detrimental to your return value for obvious reasons – you’re going to get plenty of showings and as many offers, but you’re likely leaving thousands on the table. Now, one of your family’s largest investments and assets hasn’t garnered the maximum return it may have been capable of.
Properties Priced Too High: The first 4-weeks on the market are the most crucial for your property, during which real buyers are coming to see the newest on-market unit that meets their buying criteria. If your property is priced too high, they’ve probably seen similar units priced lower and so, they’ll understand keenly the value and abstain from making an offer. The longer the property sits on the market, the lower the value becomes. As time passes, price drops will become inevitable and that initial base of real buyers will have passed or else be gauging their leverage regarding any potential offer. You’re, unfortunately, no longer in control.
My team and I have sold in Manhattan for over 19 years. We’ve contended with most market challenges imaginable and are astutely aware of the value – both emotionally and economically – of your home, and we know the price at which to list to gain the maximum resale value for your space.