How To Price Your Home Properly
Listing your house at the perfect price can be tricky. If you ask too little, sure you'll likely sell quickly, but you'll also cost yourself money. If you price too high, your house might sit on the market for an extended period of time, or people might not even visit because it is above their comfort level. With the help of an experienced Chatham-Kent real estate agent, this should be an issue. Check out these tips to guide your through the process of pricing your home properly for sale.
Trust Your Chatham-Kent Real Estate Agent
A professional Chatham-Kent real estate agent is your best asset when it comes to pricing your home properly for sale. A realtor will balance profit and realism, without the emotions you undoubtedly have attached to your home. As well, your Chatham-Kent real estate agent will be aware of prices in the neighbourhood, comparables, and the state of the current market. If your home is in close proximity to schools, transit, or commercial strips, it will boost your asking price. Renovations featuring a redone roof, and updated kitchens or bathrooms also will increase the overall sale price, but again, the actual value placed on these improvements should be left to the professionals.
Eliminate Emotions
This is one of the most difficult processes for any home owner to do. Your home holds memories, you may have put hours into redecorating or renovating, and all of this holds value to you, although it may not to buyers. This is why consulting with a professional Chatham-Kent real estate agent is crucial. While you might be tied to a perceived value of your home, a real estate agent will better be able to assess the actual market value of your home, without the emotional strings attached.
Comparative Market Analysis
When working with a real estate agent, homeowners will find that they use the comparative market analysis tool quite frequently. The comparative market analysis compares your house to similar properties in the area that have sold recently. By conducting a comparative market analysis, you will have a good idea of what people are paying in the current market for homes that are similar to yours. Your real estate agent will handle the comparative market analysis process for you, as they will look at recent home sales in the area and homes that are currently on the market in order to set a realistic asking price.
Build a Bidding War
Often, having your home priced just right, or even slightly lower than market value can spark a bidding war; driving up the price of your home and putting money in your pocket by having multiple offers placed at once. Once you have multiple buyers interested, you can create a bidding war where they compete and keep upping the ante. Next, set an offer date that allows enough people to view the place, usually for about a week. If owners post the listing midweek and then allow for a weekend of open houses, they will be able to take offers a week later.
Keeping your asking price realistic, and at a level where it will interest as many buyers as possible is important. As a home owner, you'll likely have many questions, as you begin formulating a price for your home. If you're placing your home on the market, don't hesitate to call me, 519-360-0141 or use my Contact Page.