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September 20, 2010

Location, location, location? Yes, of course. But, don’t forget price, price, price!

A new study released in New Zealand shows that setting the right price of a home on the first try greatly increases the chance of your home being sold.

According to the study, a new home on the market gets four times as many page views in the first five says on the market than during the next week.

Is your real-estate agent trying to get your listing by telling you that you can get more for your home than it is really worth? Tsk tsk… Looks like this little trick may get the agent the listing, but after a few weeks on the market the price of the house will have to be reduced, with less people looking at the house at that time.

Home sellers beware!

According to the New Zealand Herald:

Realestate.co.nz chief executive Alistair Helm said a property receives four times as many views in the first five days of it being marketed online than one week later, meaning the common sales technique of setting a higher asking price initially and negotiating later could prove costly for homeowners.

Helm said the analysis of 1100 New Zealand properties across a six week period during July and August was based on similar research carried out in the States, and was crucial given the current market.

Yes. This study came out of New Zealand, but I don’t know why it wouldn’t hold true elsewhere around the world.

Of course, setting the correct price to meet the market value is not easy but there are many tools at your disposal, such as talking to numerous agents, looking at market reports for the area and checking out comparable.

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