The (First) Price Is Right

When it comes to selling a home, the backbone of any successful marketing strategy is proper pricing. That’s because the highest volume of potential buyers see your home within days of it hitting the market. So if your home is perceived as overpriced right off the bat, you’ve already missed a huge opportunity.

In fact, Chicago homes that required one or more price changes sold on average for 90% of original asking price in 134 days last year, whereas homes that did not require a price change sold for 98% of original asking price in just 60 days.

The same is true for luxury homes in the city. Among homes priced at $1 million and above, those with one or more price changes sold on average for 88% of original asking price in 201 days, while those that were priced accurately sold for 96% of original asking price in 120 days.

As the numbers indicate, setting the right listing price is paramount to a faster, more lucrative sale.

At @properties, we consistently outperform the overall market on both of these important performance measures: Days on Market (60 days for @properties vs. 77 overall) and Selling-Price-to-Original-Listing-Price ratio (97.5% for @properties vs. 96% overall) according to BrokerMetrics, LLC.

If you’re thinking about putting your home on the market, you can ensure you land on the right listing price by asking a broker to prepare a Comparative Market Analysis (CMA).

This resource helps you accurately gauge pricing and market activity in relation to your home, and ultimately determine the appropriate list price – the first time! (Read more about how a CMA helps sell your home here).

Of course, pricing is just the beginning. In order to achieve the best possible results for our clients, we also leverage cutting-edge sales and marketing programs that give you a competitive advantage.

For more tips on how to price your home to sell, click here or contact an @properties broker.

Written by Kelly Maguire
Kelly is the corporate communications specialist for @properties.