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How to Properly Price Your Home Many questions are asked about pricing because it is obviously one of the central issues facing a Seller. Why do some houses sell quickly while others sit for long periods of time? Why do some houses sell for more money than a seemingly comparable property? Often it's a function of smart pricing, which involves considering a number of different factors. A comparative market analysis is an indicator of what today's Buyers are willing to pay for a house. It compares the market activity of homes similar to yours in your neighbourhood. Those that have recently sold represent what Buyers are willing to pay. The homes currently listed for sale represent the price Sellers hope to obtain. After completing the market analysis, an experienced agent will take the Seller through one additional step, that of comparing current market conditions with the market conditions at the time the previous sales were made.
"Today's market is not the same as yesterday's, nor will it be the same as tomorrow's" The changing environment causes changes in people's willingness to spend, which in turn affects two key factors, supply and demand. There is smart pricing and there is not so smart pricing. Generally, you price approximately 3 to 5% above what you expect to realize. As previously discussed, when activity is brisk, you can price slightly higher. When the market is slow, you should price under your competition. |
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Kelly Burke & Eva Lowey RE/MAX REALTY PROFESSIONALS 403 259 4141 info@theburkegroup.ca EACH OFFICE INDEPENDENTLY OWNED AND OPERATED |