As important as pricing is to the sales equation, building-specific supply and demand can often be a critical determinant of your ultimate selling price. More than once, we’ve been in situations where timing became the enemy of sellers. They initially looked to sell when no other directly competing line in their building was on the market and … wouldn’t you know it: a week or two before hitting the market, the same or similar line went up for sale, causing a significant shift in the original pricing strategy.
It is absolutely critical that you consider available inventory when timing the launch of your listing. If you are the only game in town, you have some leverage. (Alternatively, if other sellers in the building have over-priced their properties, you could end up looking like a bargain.) The same lesson can be applied to the comps in your area: if there are only two four bedrooms with three baths in your specific neighborhood and price-point for sale, you’d better believe that all buyers looking to purchase a four bedroom apartment will be coming by. Unless you’re willing to under-cut the pricing of existing inventory (assuming all else is equal), your sale will have a much higher chance of materializing when you are a big fish in a little pond.