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The establishment of your home’s value and the setting of the price point are the most important aspects of the home selling process that you will undertake. The selling price is the key element for all Buyers and their agents, as it is likely the main parameter for the Buyer’s home search.
It is critical that your home is priced at market value, as opposed to being priced based on emotional attachment or wishful thinking. Remember, a Buyer doesn’t care about your memories, or how much you spent on the home. They are interested in buying a property at today’s market value and creating their own memories.
REALTORS® will evaluate your home using active and sold comparables within your neighbourhood. Although no two homes are exactly alike, a skilled REALTOR® will be able to assess value by identifying what your home has, or doesn’t have, with respect to the best recent comparables. The age and condition of your home will also play a significant role in establishing market value. The key is finding that “sweet spot” – the right price point that will generate activity from Buyers and put the most money in your pocket, within a reasonable time frame. Price it too high and you will miss out on the initial flurry of activity. Price your home too low, and you may lose money.
Key Pricing Parameters
Here are some of the key parameters a REALTOR® will use to evaluate your home’s value amongst comparable properties:
Once your REALTOR® has analysed the market, gained a better understanding of your home and compiled all of the pertinent information, you should be provided with an in-depth comparative market evaluation of your home. This will be reviewed in detail between you, the Seller, and your REALTOR®. The comparative market evaluation allows you, with your REALTOR®’s guidance, to make an informed decision on pricing.
Common Pricing Problems
Deciding on the “just right” price for your home can certainly be challenging. This is where an experienced REALTOR® can offer invaluable guidance and recommendations. However, it can be quite easy to sway from the right price. There are a variety of reasons this may occur:
Common issues with overpricing your home:
The Initial Flurry and the First Offer
When a home first hits the market, there is an “initial flurry” of activity. Capitalizing on this initial activity could mean a quick sale at a great price. We have all heard the phrase “the first offer is the best offer”. While this isn’t always the case, there is a logical reason as to why it often is.
Here’s why: a Buyer that comes into your home and immediately writes an offer has likely visited and considered all of the other homes on the market that fall within their required parameters. This Buyer is able to acknowledge your home’s true value and does not need to go away and consider other opportunities. They may have previously written offers on other properties that have not materialized. They recognize that your home is priced right and is a great fit for their needs, wants and goals. Therefore, the concept of the first offer being the best offer stems from an informed Buyer recognizing value and “a fit” for their family. Bingo! Home sold!
True Market Value: The Best Strategy
Regardless of what your reasoning is, pricing your home based on true market value is always the best way to achieve your goals. Here’s why:
This is step 4 of a 10 Part series. Go to Step 5: Preparing your Finances Mortgages & Associated Expenses
by Faith Wilson
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