Pricing Strategically is Vital in the Hamptons Luxury Market

Sellers may set the asking price, but the markets set the value. 

It is as true in the Hamptons Luxury real estate market as it is all across the country: While the goal is to achieve the highest possible closing price in a reasonable amount of time, listing a property above market value often turns away prospects and decreases the likelihood of a successful and timely sale. Recent statistic show far more buyers purchase properties at market value than even 10% above it. An overly aggressive listing price prevents a property from taking advantage of a key driver in property marketing---TIMING. It is well known that a property, regardless of its price point, attracts the most attention, excitement, and interest from the real estate community and potential buyers when its first listed on the market. If a property is priced above market value when initially listed, it does not appropriately benefit from this peak interest period. This may ultimately lead to a sale at below market value, or worse yet, no sale at all. 

Realistic pricing based on a well prepared comparative market analysis will achieve the maximum price in a reasonable time. 

Pricing your Hamptons property can be an emotional one, so a thoughtfully created comparative market analysis is an essential step in the listing process. Once the market value of your home is determined, your Sotheby's agent can help you decide on the offering price that is most in line with your goals and current market conditions. Naturally, if you wish to attract a willing, ready, and able buyer in a timely manor, your offering price must be carefully positioned according to the most recent data available.