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HOME VALUE: PRICING YOUR HOME TO SELL

home value

1. Home Value: A Product For Sale

Every house has a tale to tell about the people that live in it. It has a plethora of memories, whether it’s that one wall marked with the heights of your growing children or the deck you constructed as a family. As a result, many sellers approach home value based on sentimental worth rather than market value. The solution to this dilemma is to accept one fundamental concept: your home is a product for sale, and its price will be determined by the market.

A product for sale, this may appear to be an odd way of thinking about your house, but it is a necessary first step. It’s similar to the distinction between decorating and staging: you decorate your home when you live in it, but you stage it when you sell it. This minor but important adjustment in your approach to selling your house will result in a well-priced property that is ready to sell quickly and for top money.

Contact Yasir Khan at ReMAX now to get the top home value today!

2. MARKET CONDITIONS

If you’ve been thinking about selling for a long time, you may have already had a local realtor do a home appraisal on your property to determine its worth. Because market circumstances in a high-performing market like London and area can alter on a weekly basis, it’s important to repeat this process when you’re ready to sell. When getting a home value, your realtor will arrive equipped with vital information showing what comparable houses in your neighbourhood are worth and what they have sold for. This information, along with other important criteria such as the quality of your house and its location, will be used to convert your estimated home worth into a real time list price.

Throughout London, St Thomas, and area inventory levels are extremely low. When demand exceeds supply, you have a seller’s market, so although historical data is essential, current market conditions will assist you arrive at a price that reflects the current worth of your house. Want a home value report? Contact us today!

3. SET A CONFIDENT LIST PRICE

It’s tempting to go with the realtor who advises the highest list price, but there is a penalty to overvaluing your home. When a realtor quotes you a suspiciously higher than expected list price, and that same realtor will frequently advise a price drop within weeks of going to market. Shooting for more than your home value sounds like a good way to make more money in the end, especially if you are not in a hurry to sell. However, time and time again, the reverse is true: listings that are overpriced wind up sitting on the market with no credible bids. Worse, the longer a listing is on the market, the lower it’s perceived worth grows.

Buyers may be eager, but they are also smart. A listing that does not sell typically carries a stigma with it, which can reduce the home value because of subjective reasons. Remember that your objective is to receive the most money from the sale of your house, but hiring a realtor who rates your home competitively will save you thousands of dollars more in the long run.

 Pricing Guideline: Home Value

  • Be prepared to talk pricing with your realtor on a frequent basis. Being open and ready to deal with shifting market conditions can help you stay on track to getting the greatest price for your property.
  • When shopping for a property, buyers generally look up to a particular price range. If you list just above a glass ceiling, you will miss out on customers who are looking just below it. Pricing has to be strategic and this is where experience counts.
  • If you have overvalued your house, lowering the asking price in modest increments might assist restore trust in purchasers who may be hesitant to consider your property.
  • When selecting a realtor, do your homework. The more preparation you make ahead of time, the simpler it will be to entrust the sale of your house to the appropriate expert who will sell it quickly and for top price.
  • Work with a local realtor – local realtors have access to live data for their board.  They will provide necessary information and provide the best customer service.  Local realtor can talk smart with potential buyers as they know the market.
  • Pay attention to your Comparative Market Analysis Report – look at some in your immediate neighbourhood.  Avoid looking at homes across a major street or highway.
  • If you live in a new developed area – be sure to compare homes within the same age group.  A home built in 1980 will not behave same as a new construction project or recently constructed home.

Selling your home can be overwhelming, but a free Home Value report by Yasir Khan is a step in the right direction.

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