How to obtain the highest price in the least amount of time?
Understanding important marketing concepts will make a big difference in the success of selling your home. The first is that real estate is a commodity, NOT a product.
With a product, the seller or manufacturer establishes the price and the public either buys the product or not after becoming aware of it through advertising. For example, a television is a product priced according to the manufacturer with a price that does not fluctuate regularly.
However, with a commodity, buyers decide the value based on what is happening in the market and their perceptions of the value of that commodity. Commodities, like stocks, sell every day with prices fluctuating and are strongly influenced by economic factors like supply and demand.
When selling a home, proper price positioning will determine the activity level and perception of value. A buyer’s perception of value based on their knowledge of the local real estate market determines whether a property sells or not. The showing activity, days on the marke, and the number of offers received for a property will indicate how well the property has been positioned in a given market for the buyer pool. By John Nesbit
