Is Pricing Morris County Real Estate an Art or a Science?

themenardgroup Uncategorized

There aren’t a lot more important aspects to selling a home than the Big One: pricing.

Pricing Morris County real estate—setting an asking price that attracts a horde of qualified buyers without having set a figure that leaves too much on the table—is often referred to as an art. But when you think of pricing as art rather than science, I think that shortchanges its mathematical underpinnings. “Science” may even play a greater role—but it’s a soft science, one hedged by experience. In real estate, it’s one of those areas where experience is vital—but communication is important, too.

The starting point for pricing is the research that goes into a comparables inquiry. The “comps” yield hard numbers: prices paid recently for similar Morris County homes, prices asked and paid per square foot, days on the market spent at different price points, etc. Only after those figures are known is it possible to integrate experience—the “art” part of pricing. This comes with accurately assessing the temperature (depth and momentum) of the current marketplace.

There is one more step before setting the final asking price—one that takes into account the seller’s level of motivation. If speed is a very high priority, it will be an adjustment aimed at PTSN!: “Priced to Sell Now!” If absolute top dollar is most important, TOM pricing will prevail: “Top of Market.” Determining a price that accurately captures the seller’s intention is the blend of art and science that’s at the heart of setting optimal pricing.

When you choose the real estate professional who will bring your own Morris County property to market, it pays to be mindful of how art, science, experience, and the ability to listen all play a role in the process of correctly pricing Morris County real estate. I hope you’ll consider me when the time arrives!