• Less than 6 months supply of standing inventory is considered a seller's market.
• Standing inventory is computed by dividing the number of homes available by the rate of sales during the past 12 months.
• In a seller's market the number of buyers is large in proportion to the number of homes for sale.
• The demand for homes is greater than the supply.
• Buyers must compete with each other for the available inventory.
• There may be multiple offers received shortly after a property goes on the market.
• Buyers will submit the highest possible price and terms that they feel the market will support.
• Prices will trend upward.
• In a climbing market, pricing slightly above recent sales is appropriate.

Are you in a buyer's market?

• In a buyer's market the number of buyers is small in proportion to the number of homes for sale.
• This situation can be created by high interest rates,employment decline and excessive building.
• A low number of buyers equals a lower price.
• Sellers must compete with each other for available buyers.

Prices trend downward.

• In a falling market, prices should be set at the lower end of the range, because time works against you.
• This may be difficult to do, especially if your home was purchased at a higher price.

Should you price "high," and hope for an offer?

• Houses should not be priced over the market. This is not the best way to position your home.
• You will inadvertently help to sell the competition by creating a sense of value for their home.
• Your high price will convince buyers that another home is a good value.
• Your "time on the market" is evident to buyers, and is a subtle but important factor in their decisions.
• Your best leverage occurs during the early marketing period.

How will you know if the price is correct?

• The best affirmation of correct pricing is "second looks" from buyers.
• This indicates that your home appeals to buyers in your price range.
• There may be a few "nibbles" before a buyer comes forward who is ready to act.

How will you know if the price is incorrect?

• You have steady showings, but lukewarm responses.
• There are buyers, but they have other choices with more competitive prices.
• You have very few showings. The buyer pool is small.
• This will require very competitive pricing and a longer marketing time.
• A small buyer pool is a "buyer's market" and requires more aggressive pricing.

How long should you market a home at a given price?

• About 8-10 showings is a reasonable number for feedback regarding the price.
• This usually corresponds to about 2 -6 weeks, depending on the market.
• In situations where there is a very small buyer pool, 8 showings may take longer.
• Don't test the market in a buyers market. Price your home to sell based on the latest sold comparables and your current competition.

What happens if your home does not sell in a reasonable time?

• If your home has been on the market for months with no offers, you have been given a clear message that the price is set too high.
• This is particularly true if showings have slowed down and there are few prospects coming to see it.
• What you do at that point depends on whether you really need to sell.
• If you're not really motivated to move soon, you can always wait for the market to catch up with the price you want.
• It would be best to take your home off the market and wait for better conditions.
• Buyers become suspicious of a house that's been for sale for a long time.
• If you need to sell, we should discuss a schedule for dropping your price until we reach a level that attracts buyers.
• There's no reason to say, "We simply can't sell our house." Houses will sell if the price is right.

How can you get top dollar for your home?

• Although buyers will not pay more than market value, they will pay a premium for homes that are in excellent condition and well presented.
• With good condition and presentation, you can reach the high end of the price range achievable for your house.
• I will work with you to create and excellent presentation and the best price.

The value of your home is what a buyer is willing to pay, and what you are willing to accept. Professional appraisers sum it up in three words -- buyers make value.

Our job is to help you predict what most buyers would be willing to pay. Pricing of your home includes two processes:

First, a review of listings and recent sales in your area.

Second, a look at the real estate market itself. The market may favor buyers or sellers, or be in balance. One indicator of the quality of the market is the number of months of standing inventory. Another is the number of days properties are staying on the market.

Pricing correctly is fundamental to a successful outcome in the sale of your home. I bring to the table: information and integrity.