High rise condos: Pricing your home correctly is important

Boston high rise condos

Pricing your high rise condo correctly is one of the most important decisions you will make when selling a Boston condo. The price that you list your high rise condo for sale in downtown Boston will determine the type of buyers you attract. How long your home is on the market, how buyers feel about your Boston condos for sale and a myriad of other emotional repercussions.

Studies show that correctly priced homes attract more potential home buyers. They also have more showings, sell more quickly and sell at more lucrative prices. Some Boston high rise owners take a calculated risk and under-price their homes hoping will encourage a bidding competition. While that’s not always a recommended strategy in this buyer’s market, a slightly under-priced Boston condo for sale will attract attention than an overpriced home.

Pricing a high rise condo

How you price your high rise condo will determine what type of home buyers will be attracted to your listing. Most house hunters have a price range they are trying to stay within. If you overprice your Boston condo for sale, you immediately exclude home buyers who might otherwise be good candidates.

Over-Pricing Pitfalls

There are a few psychological pitfalls to pricing your Charles River Park condo above market value, as well. First, home buyers are pretty savvy and are likely to know the general market value of your condominium. If you overprice, you set house hunters to distrust you and cross your home off their list. Secondly, your over-priced home will become the example that other real estate agents and home buyers will use as a comparison. Your competitors’ homes who have priced correctly will always win in this comparison.

Some housing data suggest that homes priced too highly end up selling for less than they would have if the home had been priced correctly to begin with.

Overpricing a Boston condo for sale can also be exhausting for the home owner. Inevitably, the home owner will have to drop the asking price as the property languishes on the market. This “chasing the market” can be a downward spiral. The longer a high rise condo sits on the market, the more tiresome it becomes for the seller.

Since pricing can determine the length of time your Boston condo for sale is on the market, it’s best to follow the above pricing advice. Your agent has the experience, the comparable property data and area knowledge to help you set an appropriate price for your home.

For more information please feel free to me me at 617-595-3712

New High Rise Listings That Have Been Priced Correctly

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High rise condos: Pricing your home correctly is important