Fact or Fiction? Listing Above Market Price Yields a Greater Sales Price
Philadelphia’s real estate market continues to soar with median sales prices up 12.5% YoY, per Redfin. I’ve seen sellers fail to seize on this opportunity, and make critical errors based on false information.
One troubling myth is that listings with above-market asking prices generate greater sales prices. If you’re considering listing, remember that buyers don’t overpay. They conduct due diligence and make buying decisions based on comparable sales. Overpriced properties tend to sit on the market and sell for less.
Here are 3 steps you can take to maximize your sales price:
1. Local Expert. Contract a Realtor with 5-star reviews, deep Philadelphia market expertise, and demonstrated skill conducting Comparable Market Analysis (CMA), like an NAR Pricing Strategy Advisor.
2. CMA. Forgo an automated CMA, which is often inaccurate. Obtain a Realtor-prepared CMA that is tailored to you, accounts for local market factors, and offers a precise valuation.
3. Listings Research. Dig for active listings to understand current market prices; examine withdrawn listings to identify common patterns on why they didn’t sell.
Ultimately, the choice to sell is yours, and I’m here to help. Whether you’re a first-time buyer, motivated seller, seasoned investor, ambitious agent, or anywhere in between, I look forward to working together!
– Leron Grossman, Real Estate Broker & Investment Expert
VictoryRealEstateLLC.com | Office: 215-709-0909