"... Your home is your castle--even when it's for sale..."
There are many reasons why it is important to price a home correctly in Calgary and also to market it properly.
Let's say your terms are competitive and your timing's clearly set. Now, what about your asking price? Without question, the price is your most important sales tool. The period of best opportunity for selling a home in Calgary at a reasonable price is the first four weeks after it is put on the market. Buyers who have seen most available listings are waiting for just the right house to come on the market. If your house is priced right from the beginning, you are in the best position to attract the maximum number of buyers able to pay the price your home is worth - and to sell your home within your timetable.
- If your house is underpriced, you may be swamped with lookers and perhaps get many offers. But you could lose thousands on one of your family's largest investments.
- If your house is overpriced, lookers are apt to be few and far between, with little chance of any offers to pay your unrealistic price. You may lower your price later, but by that time you will have missed many of the most interested buyers.
How Do You Set the Right Price? Arriving at an asking price involves up-to-the-minute research and experienced judgment. Besides enlisting Waller Real Estate Group help in checking out the current real estate market conditions and financing trends, the basic steps include:
- Measuring your home against similar neighbourhood homes that have recently been sold or are currently on the market.
- Determine what features make your house stand out among others currently on the market. Buyers are comparison shoppers. Weighing the spending of a reasonable amount of money on cosmetic fix-ups that might enhance the marketability of your house and earn the highest possible sale price.
The right price is usually within 5% of market value (a constantly changing factor) and usually results in a fair-dollar sale within a reasonable amount of time. As we say, "price sells." Why is overpricing risky? A price of more than 5% over market value may have these results:
- Buyers may resist inspecting your home because they can find better values elsewhere.
- Potential buyers who can't afford the price don't bother to look or make offers.
- A buyer willing to pay an over market price may have difficulty getting financing. Lenders may not approve a loan if the appraisal is lower than the contract price. (The delay from a failed sale can mean missing out on the critical first 30-day marketing period.)
- Your unsold home will begin to get "stale," as the marketplace assumes there is "something wrong" with the house.
- To make up for lost time you might be inclined to lower the price below competing houses in order to move it.
Is it Ever Smart to Under Price? Setting a price below market value usually isn't preferable because you may be losing money. If time is more important than money and you need a faster-than-average sale, you may consider setting your asking price to just below what the other comparable homes in your area are listed for to attract the greatest number of prospects. Market value delivers the optimum number of prospects at the best price in a reasonable time. When you're ready to sell your home, take advantage of Waller Real Estate Group real estate expertise to help you price your home to sell. How a Market Analysis Helps Price it Right Only a professional market analysis can give you the accurate, reliable foundation you need to price your home right. When you ask Waller Real Estate Group to make a CMA analysis of your home, here is what you can expect:
- Evaluation of your home's location, lot size, age, size and condition; the number of bedrooms, baths, total rooms; the kinds of extra features you have and any recent improvements you have done.
- Examination of the condition and appearance of your home's exterior and interior. Waller Real Estate Group can help you determine what repairs or refurbishing may be needed to sell your home at its best price. We can also send our Home Stager to help you make sure your home is ready for the professional photos and for showings.
- Review the assessed value of your home, the city tax assessment is always higher or lower than what it should be.
- Comparison of your home with similar area properties currently for sale and recently sold.
- Note current real estate market conditions and also current interest rates trending.
If you would like a Calgary Real Estate Professional and Honest advice call us at 403 875-3488. Following our marketing strategy will mean more profit for you and a hassle free transaction.