Why you should price your house right from day one!

Fact: Homes are shown the most in the first week.
Fact: The first three weeks are the most crucial to selling.
Fact: Only the market determines what your home will sell for.

To demonstrate the need for initial correct pricing, here are results of an analysis of 36 listings where records of showing dates were kept. The figure shows the results: of all the times a home is shown, about 25% of the showings take place within the first week. Around 50% of the showings have taken place within the first 3 weeks. Homes that are priced right sell within these first 3-4 weeks, and very close to the asking price! It takes an additional 11 weeks (!) to have a home shown the same number of times it is shown in these first weeks.

That is why it is crucially important to price the house right at the time of listing. The large number of potential buyers who come by in the first weeks, will be discouraged with a price that is significantly above market. Sellers may then have to wait a much longer time to have a similar number of showings to potential buyers, and sell the house for a lower price.





There are quite a few traps concerning pricing that sellers sometimes fall into:

1. "Another broker quoted a higher listing price!"

2. "Let them make an offer".

3. "We can always reduce the price later".

4. "Let's try the upper end of the range."

5. "Couldn't we try it for a couple of weeks?"

6. "This is below the price we paid."

7. "We have made so many improvements!"

More advice to sellers: Preparing your home for sale.