The importance of getting the Listing Price right the first time!

Properties which experience a listing price change take longer to sell and suffer a price discount greater than similar properties if priced right in the beginning.  Furthermore, bigger price changes are found to experience even longer marketing times and greater price discounts.  Regarding which properties are most likely to experience a price change, the greater the initial markup, the higher the likelihood that any given property will experience a listing price change. 

Consequences

Sellers should be aware of the necessity of getting the price correct from the start.  Sellers wanting to over list will ultimately take longer to sell and will sell their property for less, on average.  Brokers/Agents’ desire to take a listing and get the price right later will ultimately lead to their working harder and they are not doing their sellers any favors.  Thus, an initial and detailed analysis of the proper price is much more critical than many originally thought.  

A listing price increase and decrease both lead to similar results, that is, longer marketing times and lower prices.  Therefore, get the price right from the beginning is best for all.

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