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, here’s how to price it accurately for a successful sale…
Use the data
How much are homes like yours selling for in your neighbourhood? The answer will almost certainly determine how much buyers are willing to pay for your property. Fortunately, your agent will have access to recent sold prices in your immediate area. They’ll look at your home’s many features and square footage, find similar properties, and create what’s known as a comparable market analysis. After factoring in current selling conditions, they’ll use this document to help you find a price that works for you—and the buyers who are out there right now.
It may be tempting to set your price higher than your agent advises, but doing so can backfire. If the sum 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!
Consider a value range
More and more, sellers are listing their homes using price ranges. Perhaps the biggest benefit of this method is that it can lead to more eyes on your property. That’s because most buyers factor price into their online search criteria—so they may never see your home if it’s listed even a little bit higher than their ceiling. In contrast, a range is less limiting, so using one 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.
Work with an experienced listing agent
Wondering what makes a home comparable to yours, and where to find sold data to support your pricing? Unsure whether you’re in a buyer’s or seller’s market, and how the answer should impact the price you set? The truth is pricing 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 answer 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? We’d love to walk you though the process! Get in touch with us to get started.