Priscilla Toomey: Pricing a Home in a Seller's Market: Price High or Low?
Apr. 2, 2014: Bronxville Village is currently experiencing a strong seller's market. Just what does that mean? Plenty of buyers with plenty of cash and not enough inventory to satisfy all of them.
However, that does not mean that any house will sell at any price, and it's important for sellers to keep that in mind.
One frequently asked question is, "If I price my house high, won't that bring higher offers?" Another is, "If I price my home low, will that produce a bidding war and thus a higher selling price for me?"
These are two very important questions, and prospective sellers should proceed with knowledge of how each fares in a seller's market.
These days, prospective buyers believe they can find everything out about a house on the Internet. In fact, they can find out a lot, some of it accurate, some of it not. But certainly not everything, though they seem to be able to find the price history and what they believe are comparable sales. Too much Home and Garden TV advice, perhaps, but that's the world we live in.
What about pricing the home high? National data tell us activity is highest in a home's first three weeks on the market. After that, interest typically declines and does not rebound. The data also show that you are likely to get a sale closest to the asking price during those initial few weeks on the market. In fact, the higher the price over "market," the fewer prospective buyers will be attracted to visit the home; a robust degree of activity is most likely to elicit an offer.
How do you know what the "market price" is? You can get a very good idea from talking with a real estate professional who works in that market daily. They know how the market reacts to a home newly listed, the extent to which condition makes a difference, how many offers were made in the most recent bidding war for a similar property, and the prices at which comparable homes have recently sold. You need that kind of knowledge and expertise to come up with a price closest to "market."
What if you underprice your home in order to encourage a bidding war? The next logical question is: what happens if, for whatever reason, a bidding war does not materialize? Therein lies the danger in this strategy.
The answer is to price your home as accurately as possible, and that means as close to "market" as possible. These days buyers have access to a tremendous amount of data, not to mention buyer's agents who represent their interests. So it is very important for you to study those same data as well and price your home as "spot on" as you possibly can.
Pictured here: Priscilla Toomey, associate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty; cell, 914-559-8084; e-mail, This email address is being protected from spambots. You need JavaScript enabled to view it..
Photo courtesy Julia B. Fee/Sotheby's International Realty
Community Service Organizations Directory
Bronxville Beautification Council
Organized in 1982 and incorporated in 1993, the Bronxville Beautification Council (BBC) is a not for profit organization administered by a Board of Directors. Its mission is to enhance and maintain the natural and man-made beauty of Bronxville Village, with emphasis on the downtown business district of Bronxville. The BBC uses the dollars raised in its annual spring solicitation letter to residents to fund the mum, tulip and summer flower plantings downtown and at traffic intersections, as well as the summer hanging baskets. Every few years the group spearheads such major endeavors as the renovation of Leonard Morange Square on the west side of the railroad tracks and the beautification of the Lawrence Hospital traffic circle, which included the addition of plants and the building of the fountain that now makes a gracious western portal to our town. The BBC also works with other civic groups to monitor the aesthetics of retail signage, the consistency of sidewalk materials, and litter and graffiti. During Beautify Bronxville Week, the BBC sponsors a poetry reading and works with Scout groups on the annual village clean-up.
Bronxville Beautification Council
PO Box 127
Bronxville, New York 10708
914-779-6123
Bronxville Boy Scouts
The village of Bronxville has a long tradition of scouting. “The troops and packs of Bronxville have maintained the finest scouting organizations and have taught the boys of the Bronxville area to be leaders and outstanding members of the local, national and global communities.”
There are several Boy Scout Troops in Bronxville, including Troops 1, 2, 4, and 5.
Bronxvillle Girls Scouts
The Girls Scouts is “the world’s preeminent organization dedicated solely to girls where, in an accepting and nurturing environment, girls build character and skills for success in the real world.” In Girl Scouts, “girls discover the fun, friendship and power of girls together. Through the many enriching experiences provided by Girl Scouts, they can grow courageous and strong.”
Bronxville Historical Conservancy
The Bronxville Historical Conservancy was founded in 1998 to further the understanding and appreciation of the history and current life of the village. The Conservancy furthers its mission through the presentation of programs, publications, lectures and special events that foster an awareness of the village's architectural, artistic and cultural heritage, and lends its support for projects designed to strengthen and preserve those legacies. Anyone who is interested in the Bronxville and its history can become a member; varying levels of membership are available.
Bronxville Historical Conservancy
PO Box 989
Bronxville, New York 10708
http://bronxvillehistoricalconservancy.org/
Bronxville School Foundation
The Bronxville School Foundation, founded in 1991, is a non-profit organization independent from the school with the sole purpose of supporting the school. The Foundation raises money each year through donations from school families, community members, and alumni, among others.These contributions fund grants that provide cutting-edge technology, innovative programs and curriculum and other resources that are beyond the scope of public school funding.
177 Pondfield Road
Bronxville, New York 10708
914-395-0515
https://www.bronxvilleschoolfoundation.org/
Bronxville Women’s Club
The Bronxville Women’s Club offers lectures, exhibits and concerts. It also has a beautiful clubhouse which is available for rental for events.
135 Midland Avenue
Bronxville, New York 10708
914-337-3252
www.bronxvillewomensclub.org
Bronxville Youth Council
The Bronxville Youth Council provides volunteer and leadership opportunities for high school students in the village of Bronxville.
177 Pondfield Road
Bronxville, New York 10708
914-395-0500 ext 1789
Counseling Center
Founded in 1971, the mission of the Counseling Center “is to provide a wide range of psychotherapeutic and counseling services to individuals, couples and families by a staff of highly trained, experience and dedicated psychotherapists.
The Counseling Center
180 Pondfield Road
Bronxville, New York 10708
914-793-3388
www.counselingcenter.org
Community Fund of Bronxville, Eastchester & Tuckahoe
The mission of the Community Fund is “to support broad social services in Bronxville 10708, Eastchester and Tuckahoe through grants and technical support to local agencies and community projects. All money raised here in our community stays here in our community.”
15 Park Place
Bronxville, New York 10708
914-337-8808
www.thecommunityfund.org
Friends of the Bronxville Library
The Friends of the Bronxville Library is a not-for-profit membership association whose mission is to focus attention on the “Library’s services, facilities and needs” as well as sponsor projects and provide materials that are beyond the reach of the Library’s regular budget and perform other services.
Junior League of Bronxville
The Junior League of Bronxville is “an organization of women committed to promoting voluntarism, developing the potential of women and to improving the community through the effective action and leadership of trained volunteers. Its purpose is exclusively educational and charitable.”
Rotary Club of Bronxville
The mission of the Rotary Club of Bronxville is to “encourage and foster the ideal of service as a basis of worthy enterprise and to encourage and foster (1) the development of friendships within the community as an opportunity for service, (2) high ethical standards in business and professions, (3) the application of the ideal of service of each member to his personal and business and community life and (4) the advancement of international understanding, good will and peace through a world fellowship.”
Senior Citizens of Bronxville
Senior Citizens of Bronxville is a not-for-profit organization that provides services and programs to seniors within the 10708 zip code area. “Programs cover a wide range of activities from educational seminars and cultural enrichment, to community services, bridge classes and exercise.”
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