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Serious buyers
look in the price range that has been pre-determined by their down payment and
monthly payment ability. Unless your property is priced correctly, the down payment
and monthly payment requirements will not be competitive.
A buyer who is seriously
looking, soon becomes very knowledgeable in his range. An unreasonable asking
price only discourages him from looking and considering your property.
Buyers purchase by comparison
and a property priced above the competition does not "compare" favorably.
Inviting a buyer to make an offer could indicate that a fair price has not been
established.
If you plan to adjust your
price at the time of a sale, it is better to adjust the price now and attract
serious buyers. This often places you in the favorable position of having more
than one buyer interested in your property.
It is very difficult to
obtain a reasonable offer on an over-priced property. The buyer feels he should
be just as unreasonable in his offer as the seller in his asking price.
By contrast, offers are
much easier to obtain on a reasonably priced property. You can then choose which
offer to accept with no obligation to one that does not meet your requirements.
It is a mistake to believe
that you will get more for a property by asking more. You usually get less, because
fewer buyers will consider it when it's placed on the market. The right buyers
will not see it, and it usually stays on the market so long that it tends to become
"shop worn."
To obtain proper market
exposure, it is an absolute necessity to be competitive in price, terms, and condition,
with similar properties that are selling in the area.
If you are a serious seller,
price your property at market, and attract serious buyers. You will stand a much
better chance of getting full-market value, and your property will sell much faster.
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