Pricing Your Property

Getting the price right is the number one factor in determining whether or not your house will sell and how long it will take. If you price your property too low, it may sell quickly, but you'll lose money. If you price it too high, it won't sell at all.

A well-priced property may generate competing offers, which will drive up the final price. Other Real Estate Sales Professionals will be enthusiastic about presenting your property to their buyers. Your home will sell faster because it is exposed to more qualified buyers.

When determining your pricing strategy, Wayne will put together a Comparative Market Analysis (CMA), which is a good indicator of what today's buyers are willing to pay for a home like yours. The CMA compares the market activity of homes similar to yours in your neighbourhood:

• Homes that have recently sold represent what buyers are willing to pay.
• Homes currently listed for sale represent the price sellers hope to obtain.
• Listings that have expired are generally overpriced or have been poorly marketed.

Avoid the temptation to overprice your home!

Some sellers believe that if they price their home high initially, they can lower it later. They might say "I'm in no hurry so let's try it and see what happens." Unfortunately, most often instead of making you more money, this strategy ends up costing you in the long run.

Early action is what you want.

As soon as a home goes on the market, agents and potential buyers will see it and take notice. If it's overpriced, interested buyers will quickly lose interest. By the time the price drops, the majority of buyers who may have been interested have moved on and purchased other properties. When a home has been for sale too long, buyers will begin to feel there is a problem and may reject the property.

Don't miss the right buyer.

You may think that interested buyers can always make an offer, but if your home is overpriced, potential buyers looking in a lower price range will never see it. And those who can afford a home in your price range will soon recognize that they can get a better value elsewhere.

Time is of the essence!

If timing is a consideration, you may end up having to drop your price below market value if your home doesn't sell initially. Price it right the first time, and you won't end up having to sell it for less than it's worth.