A well-priced home sells in 30-60 days
If you’re thinking about selling your home, one of the factors in your decision might be how much its worth. Housing is a commodity and prices can fluctuate depending on the market, the economy, and the desirability of your particular property. My team is trained to assess the comparative market value of your property and make a professional recommendation on asking price. A home that is priced too high won’t attract the right buyer and pricing too low isn’t right either. A well-priced home sells in 30-60 days in a balanced market.
What is market value?
Market value is the highest price that a motivated buyer and seller agree upon. Determined by outside influences, such as social and political factors, as well as the economy, market value is the price that your home should sell for in the current market. Market value reflects a win-win situation for the buyer and seller.
Pricing a home for sale
Please note that each home is different, may have unique features, or custom amenities that aren’t reflected in a comparison with other properties. We are trained to identify the unique characteristics that add value to the property and to determine an asking price that reflects the differences. The procedure to price a home looks something like this although the details vary with each property:
- Find properties in the MLS® database that have similar characteristics that will have a major influence on buyers and sellers:
- Building characteristics
- Floor area
- Lot characteristics
- Sort them into catagories: sold in the past 90 days and currently for sale
- Group them into a reasonable area around the subject property taking into account how values change by neighbourhood
- Adjust for value differences:
- Condition of property
- Air conditioning
- In-floor heating
- Small kitchen
- Vendor financing
- Calculate the value of the property
You can see there are a number of areas where a trained professional is required to price a home properly. Some people who try to sell their own home don’t include items of value or attach an emotional value to the property, which confounds the negotiations.
If you would like a free comparative market analysis, please call or email our office to make an appointment. You might be surprised at how much your home is really worth.