It is also important to note that, in spite of the multiple signs and substantial sums of money spent on advertising, these two sources typically account for only about 20 percent of the actual buyers attracted to a atypical real estate office. The other 80 percent of the market is represented by the efforts of cooperating brokers and the marketing activities of real estate brokers and sales associates. It is also well established that the buyers most ready, willing and able to act are almost invariably using the services of real estate professionals. Finally, the best buyer, unless a skilled professional is handling him or her, can often come and go without making a commitment. The process of testing the market need not be a lengthy one, regarding market conditions.
Buyers do comparison-shopping and act accordingly.
When a property is first exposed to the market, both buyers and brokers make instant evaluation of the offering and, if it compares favorably with what they have already seen, it will not only attract their attention, but also stimulate them to inquire for more 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. Like a lot of old sayings, this is simply untrue. No matter how poor the location might be, there is a price at which it will sell, and that price will be determined by testing the market.