Are you wondering how to get the best price possible for your home? There are many things you can do to help secure top dollar—from preparing your property to marketing it extensively—but pricing is one of the most important.
Ask for too much, and your home may sit on the market without any offers. Too little, and you’ll likely receive less than it’s worth. That’s why striking the right balance is so important.
If you’re ready to list your home, today’s post will show you how to price it accurately for a successful sale.
“How much is my Toronto home worth” is one of the top questions people ask us. Get an accurate estimate by booking a free home evaluation with our real estate experts.
Analyze the Data
Your first step is in understanding the current real estate market, both as a whole and in your city. Even in a specific area like West Toronto, conditions can differ between neighbourhoods.
Take a look to see how much homes like yours are selling for near you. The answer will almost certainly determine how much buyers are willing to pay for your property.
Specific information may be hard to come by on your own. Fortunately, your real estate agent can help as they will have access to recent sold prices in your immediate vicinity. A comparative market analysis will show how your home measures up against others that buyers are interested in.
Your agent will look at your home’s many features, square footage, and any recent updates. They’ll compare your property to similar listings. From there, they will help you create a compelling price point, one that works for you and appeals to the buyers who are searching right now.
Do you want an even deeper dive into the world of Toronto real estate? The posts below will take you behind the scenes:
- Is West Toronto Real Estate Still Valuable?
- How Changing Interest Rates Affect Toronto Area Home Prices
- Why Negotiating Skills Matter in West Toronto Real Estate
Price Competitively
It may be tempting to set your price higher than your agent advises, but doing so can backfire. If what you’re asking for is out of step with current conditions, you may receive little (or no) interest from buyers.
The worst part is, once a home has been on the market for a while, buyers start assuming there’s something wrong with it. For this reason, it’s best to capture the attention of home hunters within the first couple of weeks—which means setting an attractive price the first time around!
Other Home Value Considerations
Another major benefit of accurate pricing is that it can lead to more eyes on your property. Think of the process from the buyer’s perspective.
When someone is in the market for a new home, they likely begin their research online. If they are serious, they’ll also factor price into their search criteria.
If your price is even slightly too high, your home won’t even show in the results. In contrast, a realistic range is less limiting and can increase your exposure.
Buyers may also perceive you as more flexible (which may encourage them to make an offer). Lastly, having a number at the bottom of your range can help dissuade bidders from dipping below it.
Presentation and marketing are equally important when selling your home. The posts below will help you make an impact:
- Quick Guide: Preparing Your Home for the Spring Market
- 5 Landscaping Tips For Home Sellers
- What Every Seller Should Know About Home Inspections
Work With an Experienced Listing Agent
Even with all of the facts in hand, setting a compelling yet accurate price point can be challenging for a homeowner. You’re not in the market every day, and real estate trends change often.
We could be in a buyer’s or seller’s market, which will change your entire selling strategy, not just in terms of pricing.
The truth is selling a home in Toronto is an art and a science. Doing it right is far from simple, which is why working with an experienced professional is your best bet.
When you’re interviewing agents, ask them to talk a bit about how they’ll price your home. Their answers should demonstrate their knowledge—and give you full confidence in their abilities.
The price of your home can make or break your sale. Luckily, by setting it carefully (and finding a trustworthy expert to advise you along the way), you can help ensure the best possible outcome!
Ready to sell your home? Our West Toronto real estate agents are happy to help. Reach out today at 416-769-3437 or email info@sidorovainwood.com with any questions.
