Guide to Selling Your Home
"Guide to Selling Your Home" has been prepared by Royal LePage Real Estate
Professionals to assist you in answering your questions about the selling process. It
outlines the steps that will help you obtain the best results when you list your
property for sale.
Pricing Your Property
The single most important decision you will make with your Royal
LePage Real Estate Professional is determining the right asking price for your property.
Once you've achieved a realistic sale price, you can count on your
property being professionally marketed and promoted to bring more buyers to your door.
You can also expect to sell your home for the best possible price in the least amount of time.
The Benefits of Right Pricing
- Your property sells faster, because it is exposed to more qualified buyers.
- Your home doesn't lose its "marketability".
- The closer to market value, the higher the offers.
- A well-priced property can generate competing offers.
- Real Estate Professionals will be enthusiastic about presenting
your property to buyers.
Determine the Value of Your Home
The market ultimately determines the true value of your property. Before you
compare your home to similar properties and establish a competitive list price, the
following points should be considered: Location, Size, Style, Condition, Community
Amenities, Buyer Supply, Financing Options.
Getting to Know Your Market
A comparative market analysis is an indicator of what today's buyers are
willing to pay for a home. It compares the market activity of homes similar to
yours in your neighbourhood. Those that have recently sold represent what
buyers are prepared to pay. The homes currently listed for sale represent
the price sellers hope to obtain. And those listings that have expired were
generally overpriced or poorly marketed.
Your Real Estate Professional will prepare a comparative market
analysis for your home based on the most current market information. Together
you and your Real Estate Professional will establish the proper list price for
your home.
Understanding the Factors That Influence Overpricing
- Extensive renovations/hidden costs
- Desire to purchase in a higher priced area
- Original cost of the home was too high
- Building in "bargaining room"
- Lack of real market information
- Perceived emotional value
The Results of Overpricing
Many sellers believe that if they price their home high initially, they can lower
it later. Often, when a home is priced too high, it experiences little activity.
Gradually the price will come down to market value, but by that time it's been for
sale too long and some buyers will be wary and reject the property.
On occasion, the price is dropped below market value because the seller runs
out of time. The property sells for less than it's worth.
You may think that interested buyers "can always make an offer", but if the home
is overpriced, potential buyers looking in a lower price range will never see it.
Those who can afford a home at your asking price will soon recognize that they
can get better value elsewhere.
As soon as a home comes on the market, there is a flurry of activity surrounding
it. This is the crucial time when Real Estate Professionals and potential buyers
sit up and take notice.
If the home is overpriced, it doesn't take long for interested parties to lose
interest. By the time the price drops, a majority of buyers are lost.
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