House sellers often ask the question of their real estate agents, “When will my place sell?”
If things were only black and white there would be a simple answer to that question, but unfortunately the real estate market doesn’t quite work that way.
Some properties sell within hours of listing on the market, some take months to sell and some never sell at all.
Price plays a major factor when facilitating a quick sale.
Pricing is usually determined by the help of a thorough competitive market analysis conducted by a professional realtor, but ultimately the listing price decision rests in the seller’s hands.
Although the price is set by the seller, it is important to list the property at the right price, because the value of the home is determined by the buyer who’s basing their decision on any current market trends that have occurred in our uncertain economy.
On an emotional level, it’s understandable that a seller will want top dollar for a house. But in the end, it comes down to a business deal based on the buying and selling of a product.
The buyer may not carry the same emotional attachment as the seller may have for the property, and therefore may not share the same understanding about the asking price.
As a seller, one way to avoid an over-priced property is to make sure to steer clear of this scenario by not allowing your emotions to warp your judgment.
The negative side effect of over-pricing your home is simple—you will help sell the competition and in today’s economy you will inevitably be chasing a down market and risk the possibility of loosing out on more money in the end.
Every property is unique in its own way and can’t always be equally compared to the next.
It’s important when selling your home to measure your home against similar properties in comparative neighbourhoods.
According to the Municipal Property Assessment Corporation, when comparing property values there are five major factors that make up 85 per cent of that value—location, lot dimensions, square footage, quality of construction and the age of the property (keeping in mind of any renovations).
Ultimately, there are several factors to consider when selling your home, so always be sure to consult with a real estate professional to help facilitate a quick sale in a timely matter.