Asking and Selling Price When Selling Your Crested Butte Home
The terms asking price and selling price might seem similar but they actually mean very different things. The asking price is the price a seller will set for their home. This is the price that will be found on their listings. The Selling Price on the other hand is the price the home will eventually actually sell for. Normally, every market has a differential between the asking price and the selling price. Understanding the market data and setting a realistic asking price is by far the hardest, but most important, decision for sellers. Here’s what you should know as a seller about the importance of asking and selling price when selling your Crested Butte home.
Percentage Difference Between Asking Price and Selling Price
It is now clear what the difference is between the asking price and the selling price. As a seller it is also important for you to know the mathematical difference between the asking price and selling price. This means learning what the percentage difference is between asking price and selling price for the same type of properties in your market in the past year (i.e., all single-family homes). This directly affects your asking and selling price and in turn your pricing strategies for selling your home.
Here is how you go about finding the percentage difference between the asking and selling price when selling your Crested Butte home. Find all similar single-family homes in your area or neighborhood or subdivision in the past year that have sold in the ballpark price range. If there are enough transactions, the timeframe should be narrowed to six months. This will tell you about the market and what you should expect as an average discount from asking to selling price. You might find the average difference is 5% or perhaps 10%. With this information you can decide how you want to price your home and you have to determine how you want to play the game.
Pricing Strategies Based on Asking and Selling Price
Let’s assume the average percentage difference between asking and selling price is 5%. If your home is probably going to sell for approximately $1 million, then consider putting your asking price 5% higher. Perhaps set your asking price at $1,050,000 to give the buyers the cushion they see as average in the negotiation of the similar homes. You could also price a little under the percentage difference so that your price looks more attractive than other similar listings. It then appears if you are offering a “better deal” and, regardless of the other competitive sellers that may have negotiated down, the buyers will never know that. Instead, you are the seller that gets the offer(s).
Another option is to price the home at $995,000 and try to market it as “priced to sell” – meaning the price is firm. This does not mean that buyers will agree with the price, and you may still get lowball offers, but it’s a good strategy in many cases. You should strongly consider putting the asking price close to or at the expected sales price to encourage activity and offers quickly.
Asking and Selling Price When Selling Your Crested Butte Home Final Thoughts
I hope you see the level of detail and time and effort I put into this candid article Asking and Selling Price When Selling Your Crested Butte Home. I have become a Top Real Estate Agent in Crested Butte by providing my clients with information and insight. This helps my clients to make informed decisions. Some decisions are not always easy.
This article is an example of what you can expect from me as your agent.
How can I help you?
I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties. To see featured properties or search the MLS – visit chriskopf.com.
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