Pricing is Everything
Comparable Market Analysis
The most important decision that you will make with us, as your Real Estate Professional is determining the right asking price for your home. The market ultimately determines the market value of your property. When we look at the pricing of homes we look at factors such as:
- Community Amenities
- Current Housing Supply.
We do this by comparing all active and sold as well as expired listings on the mls as well as private sales.
- Sold: Those homes that have recently sold represent what buyers in the present market are willing to pay.
- Actives: Prices that Sellers are hoping to obtain.
- Expired: Represent homes that did not sell usually due to bad marketing and overpricing
- Market Trends: What the temperature is of the marketplace, the economy and fear factor. This is sometimes a “reality “ check.
We provide you with a full market analysis of any sales, expiries and active listings that best compare to your home. This is used to determine a realistic price for your home that the present market will bear. As we take the time to visit or show most homes in our market area, we are able to provide you insight into each home and pricing factors. A very valuable asset.
The market is a reflection of what buyers are willing to pay. It is a reflection of the amount of buyers searching versus the availability of homes. Simple Supply and Demand. We will supply you with all the facts that will help you make a smart decision on pricing your home. We will prepare a Comparable Market Analysis for you and then together we will establish a price.
The Benefits of Pricing Right
Your property sells faster, because it is exposed to more qualified buyers. Your home doesn’t lose its “marketability.” The closer to market value, the higher the offers. A well-priced property can generate competing offers. Other Real Estate Professionals will be enthusiastic about presenting your property.
Pricing Points to Remember
Price your home Too High and it doesn’t sell- in fact it sells other homes. Price your home too low and you leave money on the table. It is sometimes a very fine line but an important one.
Buyers Do Their Homework Too
Buyers do not look at only one home, they will view other homes in the same and similar neighbourhoods before deciding to make an offer. If your home does not realistically compare with others, they will not try to buy your home. You may think “they can always make an offer” but if your home is overpriced, potential buyers looking in a lower price range may not even see it. Those who can afford a home at your asking price will soon recognize that they can get better value elsewhere.
The Importance of Structure
Roof, foundation, wiring, etc.. are now more than ever part of the pricing of a home. With the sky-rocketing repair prices of trades, you need to be realistic about what needs to be done and the cost. Do not wait to deal with it at the time of a building inspection. It can make a big difference in when or for how much your home sells for If there is work to be done and you do not wish to do it – get estimates so that both yourself and the Buyer have the knowledge they require to assess the home.
React To What The Market Tells You
Buyers pay attention to the length of market exposure; an extended length of time for sale is attributed to overpricing or questions as to “problems” with the property. If you have been on the market with no showings or if you have had a lot of showing with no offers, both are telling you that you are probably overpriced. React to what the market tells you sooner than later, it can make a huge difference.
Uniqueness Of Your Home
Every house is different. What is really special about your home: A perceived emotional value might make you build-in bargaining room that will over price your home.
When is the best time to sell? During a spring market when you have more homes / or in the slower months when there is little competition? No matter when you put your home on the market the most interest be in the initial few weeks. Let us guide you.
You are only as good as your competition. Keep an eye on the market- be informed. We will keep you abreast of other sales and listings/ through our feedback system we can determine through the words of other agents and their clients how your home fairs.
It’s All About Show
How your home looks to a prospective buyer can significantly influence whether they want to buy your home and what they are willing to pay for it . We can help you go through your home to establish what can or should be done to help obtain the best price for you. Remember – Clean, Clutter Free and Colour- the 3 C’s.