Pricing is an art and not a science. Not all homes are created equal. There is a great deal to consider when pricing a home: popular vintage (i.e. Mid-Century Modern, Classic Traditional, Spanish Revival etc..), location, views, pool, lot layout, school district, quality design, comparable home size to neighboring properties, etc.
a) Certain Sellers need to move a property quickly. Common reasons: Finances, Divorce, Relocation, etc… Over pricing is not an option; Speed is essential.
b) Some Sellers are not that motivated and are only willing to take top dollar for their home.
c) In most cases, Sellers are situated in between scenarios a & b.
Data: There are comparable Sales, Pending Sales, and Active listings that will give you a sense of home value. Based on experience, I will be able to give you price range that is measured as follows:
Hot — Priced below market, should yield a quick sale.
Warm — Priced in and around the correct price.
Cool — A fishing price; typically for sellers that would only consider top dollar and nothing else.
Cold — A price that will not yield any activity.
Pricing is an ongoing dialogue. This is rarely determined in one meeting. The market is changing. Once a launch date is agreed upon, we watch the market together. New sales get recorded, properties go into escrow and new products hit the market. This continual due diligence is essential.
Private consultation: Given that setting a price can be more difficult than it seems, an in-person meeting is often required.