The market ultimately determines the true value of your property.

Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:

1. Location
2. Size
3. Style
4. Condition
5. Community Amenities
6. Buyer Supply

7. Financing Options

Getting to Know Your Market

A comparative market analysis is an indicator of what today's buyers are willing to pay for a home. It compares the market activity of homes similar to yours in your neighbourhood. Those that have recently sold represent what buyers are willing to pay. The homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally overpriced or poorly marketed.

Your Royal LePage Real Estate Professional will prepare a comparative market analysis for your home based on the most current market information. Together you and your Real Estate Professional will establish the proper list price for your home.

Setting The Price

Setting a realistic price from the start helps facilitate a quick sale at the best price to the seller. The key is to maximize the number of qualified buyers who see your home with the initial listing price. If your home is priced too high, many of your target buyers may never see it. An over-priced home may sell much later and for much less than it would have had it been priced right from the start.

Pricing Facts:
•    The right pricing of your home is the key to selling it quickly and for the best price.
•    The seller sets the asking price for the home but it is ultimately the buyer who determines the value.
•    Your realtor has the information about similar properties which sold recently and properties currently for sale.
•    It is always good to list your home a little more than the price of properties recently sold and a little less than similar houses in the area.
•    When a property is perceived to be a good buy a "bidding war” can result in a sale price higher than the asking price.

Overpricing

Of course you want to get the most money for your property. Overpricing, however is not the best strategy. A high price will turn away some prospective buyers before they even see your property. Or, it may give impression to expect more than what you have to offer. The fact is, overpriced properties not only take longer to sell, but end up being sold at a lower price.

Overpricing reduces the number of showings, advertising response, potential buyers, and on the contrary helps sell the competition. It can also cause appraisal problems and extends time the property is on the market.