Whether this is the first or 5th property you’ve been ready to sell, you already know that sealing the deal requires a lot more than a handshake.
The reasons why people choose to sell their homes vary, but most sellers share one common goal: to sell their home for the highest amount possible and as quickly as possible. And the fact of the matter is that generally speaking, pricing your home accurately will help you accomplish both of those goals as effectively as possible - savvy buyers will know when a home is reasonably priced, or not.
A well-priced home often generates interest straight out of the gate, and will allow sellers to earn maximum value for their home. On the flip side, an overpriced home can sit on the market for far too long, and interest will begin to wane as it rests week after week.
Pricing your home correctly means striking a balance between many important factors, ranging from things like understanding the market conditions to being strategic when it comes to leaving room for negotiation.
What to Keep in Mind When Pricing Your Home
When done correctly, there’s a lot of strategy involved in pricing a home. For this reason, most people turn to a licensed, professional Real Estate agent for their experience and - most notably - their market knowledge and knowledge of your area of interest.
Here are a few things to keep in mind when you first start thinking about your price:
Understand Market Conditions
There are many market conditions that will affect how quickly your home sells, and what an appropriate asking price is.
For example, what is the market currently doing? Is it competitive and moving quickly, or is it relatively stagnant? What are supply and demand like? What are houses of a similar size, condition and location selling for?
The best way to get an assessment of market conditions is with one of our comparative market analyses. These teach you about what’s happening in your area, and will give clues as to what results you might expect when you decide to sell your home.
Consider the Time of Year
Seasonality can have some effect on the asking price you choose for your home. It’s relatively normal to see more buyers and sellers in the spring and summer months as this tends to be an easier time for moving, and sometimes for showcasing your home (think landscaping, natural lighting, and so on). During these months you may see more competition, but also more buyers.
Keep Location In Mind
The location of your home also has an impact on its value and the price you ask. Homes near to many amenities (grocery stores and other shops and services), have a different market value than homes that aren’t.
Likewise, waterfront properties or homes with water access will be priced differently than those without.
Leave Room to Negotiate
During a transaction - real estate or otherwise - no one wants to overpay. Ideally, your price should give both parties some wiggle room.
Working with an agent will help you determine what that room to negotiate should look like - homes priced too high are likely to be overlooked by potential buyers or not taken seriously and homes priced too low don’t realize the full potential of your investment.
Interesting in buying or selling in Port Alberni? The Dave Team is here to guide you through a seamless transaction.