How do I determine my home's asking price?
Everyone wants to get as much as they can for their home, but there is the factor of asking too much and asking too little. The key is to hopefully fall somewhere in between. Still, it is important to list it at fair market value to attract the attention of potential buyers.
Setting a price to high will scare buyers away and will not necessarily get you more money for your home. You are better off asking for less and waiting for someone to bid over asking price, which is something that seems to be quite common these days. Asking too much will also mean that your home will be on the market too long, which will discourage buyers. Asking too little could mean that you may lose out on thousands of dollars.
Knowledge is the best way to determine what you can potentially get for your home. Things like neighbourhood dynamics, current interest rates and supply and demand will help you decide on the asking price. It is also important to check what other similar homes in the area have sold for. The time of the year is also a factor. If you are selling in the spring, chances are you can ask for more. A winter listing is generally lower.
Perhaps the most important way to determine your home’s asking price is by getting help from an experienced, knowledgeable real estate agent. They will know what you can get for your home or what the trends are in terms of asking prices and bids in your neighbourhood.
Mark has been dedicated to finding the right home for his clients for over 30 years. Take advantage of his wealth of experience! Learn more.