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The Best Gauge Of Pricing?

How do you know you have priced something correctly? When it sells fast? When it sells for over your asking price? When it sells after several weeks or months close to the asking price? When it sells after several months well below the asking price? Everyone has a different measure of this, but there is one that I think is most noteworthy.


How often have we heard a seller "It takes just one buyer!" implying that they don't care if everyone thinks their price is way too high, all it takes is that one buyer to pay up. They may be right. Most times however, they are wrong. I always judge pricing appropriateness - and I use that word because every price has a different strategy attached to it, some designed to take their time and others designed to accelerate, create urgency and preferably multiple bids, after a certain number of showings.


When you are attracting zero showings you can be 100% certain the price is not right.....OR......there simply is no market at that moment for what you are selling, at that specific price. At that point you can alter course by adjusting to a different price to attract another, new audience, or withdraw the property from the market. My most valuable gauge is the number of showings. If after 20 or so showings no-one is bidding, you can be almost certain of two things:
1.  The marketing, and asking price, is working because buyers are coming.
2.  What attracted these buyers from your marketing is not enticing them to bid based on what they see and what they are comparing your property to. And chances are the price is driving their decision to buy something else or wait for something better to come to the market.
After lots of showings what you have achieved is the ability for the market to SPEAK. Not listening to markets when they speak almost always backfires. Asking prices are mostly theoretical. What the market, "buyers", is or is not willing to pay is the ultimate test.

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Ken interprets market data, staying in constant communication and offering valuable insight that then translates into an informed decision.

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