When placing your home on the market it is important to set a reasonable asking price. If you price it too high, potential buyers who have been watching the market will know it is priced too high. You may choose to price your home high using the strategy that you will negotiate a lower price, however, you may not get that opportunity as some potential buyers won't pursue a property out of their price range. Once a home has been on the market for more than two to three weeks, the freshness of the listing wanes. If you price the house slightly on the low side, you will have more people looking at the listing and it's not uncommon to receive multiple offers which may drive the price of the home up.
So how do you and your realtor determine the price of your home? There are several factors to take into consideration. First look at similar properties that have sold in the same neighborhood over a period of six months. Try to keep the comps within a half to a one kilometre radius of your home. Be mindful of neighborhood dividing lines whether they are structural or perceived. In some neighborhoods, properties on one street will be priced higher than the next street over simply because it is thought to be a more desirable street to live on. Perception and desirability can play a large part in pricing particularly with respect to location.
It's smart to know your market and know what properties you are competing against. Review comparable listings that are currently for sale. Ask yourself, what is desirable about these homes? What is not so appealing? How does my house measure up against these homes? Where can I make improvements to my property to give it an edge over the others on the market?
It is true that you only need one buyer but why not find them earlier rather than later.
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