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Guide to SELLING Your Home
" Pricing your property "
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The single most important decision you will make with Hugh is determining the right asking price for your property.
Once you've achieved a realistic sale price, you can count on your property being professionally marketed and promoted to bring more buyers to your door. You can also expect to sell your home for the best possible price in the least amount of time.
The Benefits of Pricing Right
- Your property sells faster, it is exposed to more qualified buyers.
- Your home doesn't lose its "marketability".
- The closer to market value, the higher th offers.
- A well-priced property can generate competing offers.
- Real Estate Professionals will be enthusiastic about presenting your property to buyers.
Determining the Value of Your Home
The market ultimately determines the true value of your property.
Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:
- Location
- Size
- Style
- Condition
- Community Amenities
- Buyer Supply
- Financing Options
Getting to Know Your Market
A comparative market analysis is an indicator of what today's buyers are willing to pay for a home. It compares the market activity of homes similar to your in our neighbourhood. Those that have recently sold represent what buyers are prepared to pay. the homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally overpriced or poorly marketed.
Hugh will prepare a comparative market analysis for your home based on the most current market information. Together you and your Real Estate Professional will establish the proper list price for your home.
Understanding the Factors that Influence Overpricing
- Extensive renovations/hidden cost
- Desire to purchase in a higher-priced area
- Original cost of the home was too high
- Lack of real market information
- Building in "bargaining room"
- Perceived emotional value
The Result of Overpriving
Many sellers believe that if they price their home high initially, they can lower it later.
Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, but by that time it's been for sale too long and some buyers will be wary and reject the property.
On occasion, the price is dropped below market value because the seller runs out of time. The property sells for less than it's worth.
Missing the Right Buyer
You may think that interested buyers "can always make an offer", but if the home is overpriced, potential buyers looking in a lower price range will never see it.
Those who can afford a home at your asking price will soon recognize that they cab better value elsewhere.
The Importance of Early Activity
As soon as a home comes on the market, there is a flurry of activity surrounding it. This is the crucial time when Real Estate Professionals and potential buyers sit up and take notice.
If the home is overpriced, it dosn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.
Return to Guide to SELLING Your Home
Hugh can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like him to help you locate a home, please fill out his help find a home form.
Hugh has answers to a lot of your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Hugh or click on "Ask Your Own Questions."
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Hugh can also help. Just fill out his would like an address form, pleased !
Or perhaps you are considering selling your home in the near future, he can also offer you a Free No-Obligation Market Evaluation Form.
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