Answers - Real Estate

Every home seller wants to get the highest price possible but setting the price too high, even if you are willing to take less, may not be the best strategy.

As an example lets assume we ha

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ve a seller who is working with a good Realtor and through reviewing comparable homes that have recently sold and those on the market it is determined the value of the home is $500,000. The

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

seller may even agree with the agents’ assessment of value but feels it is worth trying to get more. So he requests the house be marketed for $550,000 knowing if he accepts a lower offer it

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

may be higher than the $500,000 originally suggested by the Realtor. The agent does their job, places the home in MLS, provides online photos, prints flyers, advertises in the newspaper an

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

even does open houses. The seller sits and waits to get offers he can negotiate.

At the same time buyers are out looking at homes to buy. They are qualified to buy homes in the $550,000

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ange and they see the listing and compare it with other similar priced properties. These potential buyers see our example listing is not as large or does not have the number of upgrades or

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

features as other homes selling for $550,000. When there are plenty of houses to look at, buyers will skip some listings and only look at homes where they feel they are getting the most for

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

their money.

They buyers who are qualified to by a $500,000 home are looking in that price range and generally do not want to look at homes much more than $525,000. Taking negotiations in

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

o consideration prices above that amount are likely going to end up being more than they can afford and/or qualify for. These potential buyers will probably not see our example listing pric

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ed at $550,000.

In today’s market this situation seems to happen more often than it should and causes homes to sit on the market for long periods of time. With our market of growing invent

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ry levels, listings can become stale very quickly. The first two weeks on the market is the time listings generate the most interest and activity. When homes are on the market for longer t

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

an the average time, for a given price range, buyers start feeling hesitant to consider them. It is like the early days in the video rental store where people crowd around the “new release”

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

section and some great movies in the drama isle get no attention. In this situation, it is my experience, even if the seller elects to lower the price to something closer to the market val

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

e, they will likely receive less than if they had started with a lower price.

There is a fair amount of research that indicates pricing a home at its market value from the start will genera

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ly result in getting an amount closer to the asking price. Sales prices of homes in the Sacramento area have been averaging higher than 97% of asking price. Getting the highest price for a

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

home is best achieved by maximizing the number of potential buyers who see the home and that can be accomplished by avoiding overpricing.

A recent National email survey conducted by House

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

unt, Inc and reported in a story by RISMedia indicated that overpricing was the number one mistake home sellers said they made when listing their homes. The margin was nearly three-to-one o

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

er the second choice which was “dealing with the same agent who represented the buyer.” That and potential conflicts of interest are good subjects for a future article!

The bottom line in

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

setting the price on a home is to set it within 2 to 3 percent of the market value. This increases your opportunity to sell at the highest price possible and in the shortest amount of time.

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

To learn more about Julie Jalone take a look at her website, www.jalone.com where you will find additional articles, monthly market analysis and her daily blog, “Keep it Real in Sacramento.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Selling a Home: Pricing for Results

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