Having the privilege of working on an award winning team I have learned a lot about the power of price. It is one of the most important elements when selling your home. Easy to say I want the most money for my home… (so do us agents). We want to see you get the best deal on your home. When a home is priced fairly at market value the results will speak for themselves.
The power of pricing is the ability to set a price that attracts buyers and maximizes profit seamlessly. How do we achieve these results? As a Realtor a large part of our job is something that happens behind the scenes – studying the market. Seeing what homes are listed for, what they sell for, how long they are sitting on the market. We watch and track these stats because they are what help us determine the value of a property. The longer a house sits on the market the more likely it will sell for less.. Why? Well because it has gone stale, sellers are more likely to accept a lower offer because it is likely the only offer.
The best ways to avoid this happening to your home are firstly nailing the pricing from the start. The first week on the market is the most important. Your home is the newest and the freshest inventory and that is when it will have the most eyes on it. If you are seeing frequent showings in the first week then you have nailed the price. If you see one or two then you might need to think about making an adjustment.
A properties value is affected by location, features, updates, and size to name a few. Using recent comparables alongside the “value add” method we are able to determine a value and a price for your home. The “value add” method will compare your homes to those that have recently listed or sold and either add or subtract based on the different features in each home. A pool, garage and updates can all be value adds.
Another trick when pricing your home is to avoid round numbers. Instead of $700,000 try $699,900. Why? Because home searching sites set numerical search fields using round numbers. To find buyers with a budget of $700,000 you want to be below that number.
The Power of Price will help you optimize your time on the market and ultimately get you the best value. When priced right with maximum interest you allow better odds of receiving an offer or maybe even multiple offers. Set yourself up for success in the market. Learn about what is selling in your neighbourhood and get advice from a trusted Real Estate Agent to help guide you towards success.
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