It is true. When selling a single, solitary thing, there can only ultimately be one, single, solitary buyer (ie: individual or couple). How you find him or her and how long you are willing to wait for him or her is another story. A corner store could ask $7 for a bag of milk, with the rationale that all it will take is that one buyer. The challenge with that concept is that eventually that milk isn’t going to look or taste very good.
Worse, if all the other milk on the market is $4-$5, that $7 bag of milk better have something the others are not able to offer!
As the seller of a product, the seller has the right and ability to ask any price they wish. Nothing is stopping you from asking $20,000 for that 14 year old Dodge Caravan. Well, nothing except for the market. A buying market doesn’t exist in a bubble. It has emotions, research, conversations at work, bad days, good days, bad advice and good advice, all going towards the buyer making a decision on their perception of value for the product. Fair to say, it won’t take too much for that buyer to realize that $20,000 is a tad ambitious for that vehicle.
Aside from all the other factors involved in selling a home, pricing is crucial. Price your home accurately and you greatly increase your chances of attracting the largest piece of the buying pie. Price your home banking on finding “that one buyer” and you end up with $7 milk.
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