Things to Consider

What is the Best Asking Price for Your Home?

In determining your asking price, we need to consider WHY you have chosen to put your home on the market. In most cases, the higher the asking price, the longer it takes for the home to sell. Overpriced homes are not as competitive as those that are well priced. They are often shown only to help bring offers on the well-priced homes.

The value of your home can be influenced by the following:

  • Price: The price at which you are willing to sell and the price at which a ready, willing and able buyer is prepared to pay.
  • Time: A reasonable amount of time should be allocated to find a suitable purchaser.
  • The Market: The condition of the market is influenced by the number of homes for sale, the number of buyers and financing conditions available at lending institutions.

Make the Most of Initial Interest:

New listings always capture the interest of the real estate agents and current buyers, especially when they are well priced. It is when your home first goes on the market that you will see the most interest and activity.

So, it is essential to price your home realistically at the START and not to count on reducing it later if it doesn’t sell. Don’t miss this peak of interest occurring at the beginning.

Factors Influencing the Sale of Your Home:

  • Location: This is the single most important factor in determining how quickly and for what price, your home will sell.
  • Condition: The better your home shows, the easier it will be to sell. If you take steps on improving your home’s appearance (many of which aren’t that expensive) you will improve the chances for a prompt sale.
  • Competition and Market Strength: If there are a lot of homes on the market similar to yours, then you may have to lower your price to distinguish your home from other available homes. If it is a “seller’s market” with homes selling quickly, then you may obtain a higher price than if it is a “buyer’s market” with more homes taking longer to sell.
  • Price: If your home is priced too high when it is first listed, it won’t get the exposure it would were it competitively priced. A careful review of the attached Comparative Market Analysis Report will help you in working with me to establish the best listing price for your home.
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