A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.


The ART of Pricing Your Home to Sell

Pricing is an Art: To be successful in the sale of your home, get professional advice.Here's a secret: Real estate agents really cannot tell you what your home is going to sell for.
A real estate agent that's going to list your home for sale can show you comparable homes that have recently sold, home listings that are currently on the market, and homes that the market has rejected (expired or terminated listings). Like a good financial planner or stockbroker, a really good real estate professional should be able to interpret trends in the current market, and more importantly for you predict where the market is likely going.
However, once your real estate agent has gathered the information for you and then interpreted the past, present and future market trends for you... then YOU must choose the selling price.
BUT, only the Buyer will tell you if the price is right!
Be careful! To get your home to list for sale some agents might distort the truth. Because real estate agents can't possibly guarantee what your selling price will be, the ones who suggest to you the highest prices are probably being untruthful. (In the business, this is called "buying your listing" and it's used to get your listing to get them more buyer business. Once listed for sale, they'll likely try to beat you down in the listing price over the next several weeks.)
Ask your real estate agent to show you the numbers that support their suggested list price. They should have them. They may not, or they ay have pulled the "comparable" sales from a completely different neighbourhood.
My Best Advice: Look for a listing agent who gives you a range of selling prices. There is always a range!
If you asked your financial planner or stockbroker how much a stock or mutual fund is worth, they won't say $50. They will tell you it's currently trading between $44.90 and $52.25, now won't they?
In real estate the high and low ends of this price range might be apart by as little as $10,000 or might be significantly greater. Many factors determine the range. Some of them are: location, exposure, particular improvements of the homes, how much street traffic, the style of home, proximity to schools, how motivated the buyer or seller was, or how many sales are happening in the neighbourhood.
Pricing is an absolute ART in real estate.
The best time to generate an offer is within the first 30 days of the home being placed onto the market. If your home is priced and positioned correctly, you'll probably get showings and offers right away. If it's priced too high for the current market, you likely won't get any showings at all. Buyers and their agents will shun your home and you'll eventually reduce your price, leaving these and new potential buyers wondering what's wrong with your home.


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