Pricing Your Home to Sell

When setting an asking price it’s always tempting to go high, but in reality your house is only worth what a buyer is willing to pay for it. If you aim too high, you can end up putting off the right buyers and attracting the wrong ones, which makes for a long, drawn out and frustrating sale process. On the other hand, pricing too low might attract lots of buyers but can mean you lose out on your potential property value.

Pricing Your Home

The right property pricing should:

Attract the right kinds of buyers
Give you the best chance of achieving a good sale price
Help you to sell quickly and easily

Knowing how to price your home for a fast and successful sale comes down to an understanding of the local real estate market, and recent property sales in your area, as well as an awareness of anything that might make your property stand out from the crowd – for better or worse. A free real estate property value estimate is a good place to start.

The Importance of Getting It Right

Attract the right buyers
Generate more interest
Encourage higher offers
Achieve a faster and smoother sale
Avoid having to reduce the asking price later

Possible Reasons Behind Overpricing

Seller overpaid for the property originally
Over-investment in renovations
Allowing for bargaining and negotiation
Financial need
Moving to a pricier area
Lack of market research
Unrealistic house valuation
Emotional attachment to the home
Gut feeling, or opinion of family and friends

Dangers of Overpricing

The asking price is the main factor that will get your house noticed by interested buyers in the first place – don’t let them write it off before they’ve even seen it.
If your property price estimate is too high, your buyer may struggle to secure their loan as the lender’s realistic house valuation won’t stack up. This can mean the sale is delayed or falls through completely.
If your house sits on the market for a long time with no sale, buyers will become wary.
Buyers are always comparing multiple similar properties as they hunt for the right one, and perception of your house being overpriced can result in negative reactions.
Reducing the price later makes your property seem less desirable. Many prospective buyers will have already come and gone, and you will have lost that initial buzz of interest and activity.
Costs can stack up as you wait to sell, with extra mortgage payments, taxes and maintenance work.
The wrong price will attract the wrong buyers, so viewings won’t translate into offers.

How Real Estate Agent Can Help

A free property appraisal to give you a realistic house value estimate.
Market research and analysis to give you a clear picture of comparative property prices in your area, and recent sales of similar properties.
Up to date insights into market activity and trends.
Advice about the things you can do to help boost your property value, such as home improvements and repairs.
Marketing savvy, strategy and incentives to help you achieve the highest realistic sale price.
An estimate of your net proceeds, after fees and taxes.
Expert negotiation on your behalf.

It’s important to remember that no agent can control your property value or guarantee you a certain sale price. The role of your agent is to plan an effective marketing and exposure strategy, guided by concrete market analysis and recent sales, that capitalizes on the potential of your property. Choose an agent based on their knowledge and experience, not on false promises.

Marketing Your Home for Success

Learn more about the most effective channels for marketing your property, from printed media to online marketing, paid campaigns and in-person visits, and make sure you’re ready to capitalize.

Showing Your Home at Its Very Best

Learn more about the little things that can make a big difference. Get some tips on how you can add value to your home and showcase it as its best when prospective buyers come to call.

Where to Next?

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