Pricing Your Home in a Buyer’s Market
When it is time to sell it is often confusing on how to price your home especially when you are in a buyer’s market. You can search the internet or make note of your upgrades and then come up with a price or you can look at open houses and guess at your approximate price. Is this really how you should be pricing your home for sale?
Many things come in to play when you are selling your home:
- Is it a buyer’s or seller’s market; the market will set the price for your house.
- Is your house similar to others for sale in your neighbourhood?
- Do you have curb appeal?
- Are you on a busy street?
- Is your house the most expensive in the neighbourhood?
If you notice that houses in your neighbourhood are selling quickly and yours is still standing, then that should be a warning sign to you. No amount of staging an overpriced house will sell it. You should also keep in mind that the listed price of houses in your neighbourhood are not necessarily their selling price.
If you are in a buyer’s market, the buyer drives the prices of the houses. Buyers may come by and look at your place but if they decide they can get more value for their money across the street, then your house is literally left by the wayside.
The Coxworth Connection has information on home sales in your neighbourhood. They will present statistics by comparing your house with all your upgrades to similar ones that have sold in the neighbourhood. They will also walk through your home and provide you with free home staging to make sure your house shows the best it can to attract buyers. By doing this analysis your house will come within a specific price range where your home should be listed.
It may be a little hard to understand at first as you may think that it is priced lower than you imagined. However, if you have more traffic and more “price appeal”, that is when you will have more showings and multiple offers on the table. With multiple offers this will drive the sale of your house and in many instances it may come close to your ideal listing price.