Pricing Accuracy and Market Timing
Ever wonder why there is so much emphasis on setting the right listing price for a home? The problem becomes apparent in this graph.
Notice that when the market activity in a particular home is at the highest point, the Seller’s desire to adjust the price downward is very low. So, if the home stays on the market past the peak interest range, then changing the price too late due to a miscalculation in value causes the Seller to miss out on the greatest amount of interest. This is not to say that a home won’t sell past the peak interest time frame. But it does mean that the opportunity to sell the home quickly for the best price possible is dependent on setting an accurate listing price. It’s the single most important recommendation your Realtor can make.