(Double click picture to enlarge report.)Smart Market Report courtesy of Ron Sparks, designated broker of Coldwell Banker Bain of Bellevue.
Ron refers to the report as a market demand report. He came up with a formula years ago while selling his property, nearing the beginning in the upturn of the market when people didn't know how high to price their property to make the most profit. In today's market it's a matter of determining the optimal low of the market without pricing it so low as to give it away.
The strategy is to determine if it is a buyer's market or a seller's market. Once you can decipher which it is and at what range, price the property accordingly. If neutral is at 4.5 and 1 and 9 are the extremities then numbers nearing or surpassing these extremities requires aggressive pricing; whether that aggressive pricing requires an increase or a decrease, it must exceed more than a few thousand, it may require several thousand, or tens of thousands.
Ron refers to the report as a market demand report. He came up with a formula years ago while selling his property, nearing the beginning in the upturn of the market when people didn't know how high to price their property to make the most profit. In today's market it's a matter of determining the optimal low of the market without pricing it so low as to give it away.
The strategy is to determine if it is a buyer's market or a seller's market. Once you can decipher which it is and at what range, price the property accordingly. If neutral is at 4.5 and 1 and 9 are the extremities then numbers nearing or surpassing these extremities requires aggressive pricing; whether that aggressive pricing requires an increase or a decrease, it must exceed more than a few thousand, it may require several thousand, or tens of thousands.
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