Peter Dewsbury, Royal Heritage Realty blog to discuss Real Estate statistics or issues.

Peter Dewsbury

Best in Time, Quality and Price. TQP

Pricing Houses in the Current Market

I have gotten a question regarding the pricing of a seller's home. Should we list at or higher than the last comparable sold in this market? Example: If a house is correctly listed at market value, say $800,000 and it gets 20 offers and sells for $950,000. First $800,000 may be low. Second, with 20 offers there was only one person willing to go to $950,000. 19 other buyers either could not go that high or were not willing to go that high. So, if you have a comparable house, the majority of buyers are going to be less than $950,000.
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Peter Dewsbury
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