Recent asking prices alone are not enough to set a winning strategy.
If you are looking at nearby asking prices and thinking that is all you need to choose your number, I would slow that down. In Barrington, RI, active homes were priced at a typical $939,000 recently, but the typical closed price over that same period was $715,000.
That does not mean sellers should underprice their homes. It means the list price needs context. Recent offers came in at about 100.3% of asking on homes that sold, which tells me buyers will pay up when the pricing is credible and the home is positioned well. The risk for a seller is assuming the market will do the work no matter where the number starts. In Barrington, RI, a typical sale timeline stretched to 41 days recently, so the market is giving feedback. Homes that connect with buyers can still perform well, but the opening strategy has to earn that response. Look at recent closings before you settle on your number. Compare your home to current competition by condition and price, not by hope. Go live with a price you can explain confidently the moment buyers start asking why it is set there.
About Hilary Marshall
Hilary Marshall is a licensed Real Estate Professional affiliated with REMAX, specializing in the Barrington market. With a focus on strategic marketing and deep local knowledge, Hilary Marshall provides clients with expert guidance in navigating complex real estate transactions. View full profile →
