|More...Facts of Life-Fact #4|
Joe Klock's Fact Of Life #4
The process of TESTING THE MARKET need not be a lengthy process, regardless of marketing conditions.
As previously stated, buyers do comparison shopping and act accordingly.
When a property is first exposed to the market, both buyers and brokers make "instant evaluations" of the offering and, if it compares favorably with what they have already seen, it will not only attract their attention, but stimulate them to inquire for details and arrange appointments to inspect.
Your listing price must be realistic enough to immediately attract this attention from buyers and brokers. If it does not do so, while competitive properties are attracting attention and generating activity, you have a clear indication that the listing price is not meeting the acid test of the marketplace, regardless of economic conditions or other external considerations.