Having decided to sell your home, it is imperative to set the right listing price. It is important that you make an informed decision based on current market values.  This is one of the most crucial points when selling.

Pricing Too Low

You may feel that you will cheat yourself out of thousands of dollars in revenue by offering your home at too low a price However, homes priced below market value often receive multiple offers and actually drive the price up.

Pricing Too High

Selling your home can be a very negative experience when the listing price has been set too high. You can repel buyers by over-reaching what is a reasonable asking price. An unreasonably high price is bound to cause great disappointment and frustration when the listing languishes on the market.

Buyers seldom proceed to completion with overpriced properties.  A  responsible realtor who knows the market value of similar homes in the same area, will steer them away from overpriced properties.

If an overpriced home sits on the market too long, the price will need to be lowered in order to stimulate interest in viewing the home. Qualified buyers that may have been the ideal target market for the sale of your home, have moved on to homes priced within their range. Any excitement created by a “New Listing” is lost. It may be difficult to get the attention needed for the sale when it’s become an old listing.

Because of the highly competitive market we have experienced lately, many people are tempted to price their home too high. We call this fishing for an offer.  Sellers are aware of the fact that some houses have sold for considerably higher than their asking price. Up until now, bidding wars have not been uncommon. But the market has changed over the last couple of months and you can expect to see an easing of competition with fewer multiple offer situations.

Using an Agent

An experienced agent will prepare a comparative market analysis (this is different from an appraisal). The agent gathers data on recently sold homes near you in your price range. This will help you to come up with the best selling price. The right realtor will be able to guide you through the minefield of what will be an effective marketing strategy.

The current market has recently changed and we are seeing a lot of homes sitting on the market indefinitely and either not selling at all or having to reduce their price substantially.

Interested in finding out more?  For a free market evaluation:

PHONE JOAN 604-220-7653(SOLD).  Find out the difference between an Appraisal and a Market evaluation.

I have over 38 years of Real Estate experience.  Let my experience help you achieve top market value in a slow market.  Receive tips on how to improve the value for your home.  The strategies for selling in different seasons and of course, your optimum pricing to sell quickly.

Buying or selling?

PHONE JOAN 604-220-7653(SOLD).  Find out the difference between an Appraisal and a Market evaluation.