How Do I Know if My Boise House is Priced Right?
September 17, 2018 |
Successful pricing strategies in any endeavor must take the competition into account—so when it comes to right-pricing your Boise home, that factor is at least as important as any other.
From the seller’s point of view, right-pricing starts with a walk-away number: a price that would be so low it would result in financial hardship. Offers at or below that level are not welcome (although good practice dictates a counter, rather than a
true walk-away, which risks bringing emotion into what might otherwise have resulted in an acceptable final offer). At the top of the pricing range are the outlandish pie-in-the-sky prices that never really materialize. Those billionaires who don’t care
about their bottom lines also never materialize. As has been pointed out elsewhere, they didn’t become billionaires by not caring about the bottom line.
From the buyer’s point of view, right-pricing is what they’re looking for (or at least hoping is out there, somewhere). Many of today’s serious house hunters begin combing the Boise listings by specifying a price range. It may top out at just a bit more
than they will be actually willing to pay— but the lower number is often well below what they can afford. Needless to say, if a listing fits all their other criteria but the asking price is below comparable offerings, it’s a lead pipe cinch they will
be calling their Realtor® to arrange for a showing. It’s a phone call they’ll make sooner rather than later—especially if they’ve had earlier experiences that led to a bidding war.
You can be reasonably assured that your house is priced wrong if it’s been on the market for months with no reasonable offers forthcoming. Other market factors can be at play, but the asking price is the first place to question.
So how do you know if your Boise house is priced right? If you are confident that your property is in top shape, and if your agent’s comparable report shows that recent similar sales have closed safely above the walkaway level, setting a price that’s
below top dollar should result in a strong buyer reaction—and a timely offer (or offers) from qualified buyers on terms that put a smile on your face.
That’s how you know your house was priced right! Getting there means teaming with an experienced Boise professional—which can start with a call to my number!