When you are selling your home, the price you set is a critical factor in the return you will receive. That is why you need a professional evaluation from an experienced Realtor that is well educated about your area of Kamloops. This person can provide you with an honest assessment of your home based on several factors including:
* Current market conditions
* Condition of your home
* Repairs or improvements
* Time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell for within 30 to 90 days. Today, in Kamloops real estate market, we are finding that homes are taking longer to sell, on average roughly 70 days for a well priced home. This is why it is important to price your home competitively as well as ensure it is in the best condition to show to buyers as possible.
If the price of your home is too high several things could happen:
* Limits buyers: Potential buyers may not view your home only because it would be out of their buying range.
* Limits showings: Other Realtors and buyers may be less reluctant to view your home.
* Used as leverage: Other Realtors may use this home to sell against homes that are better priced.
* Extended stay on the market: When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what is wrong,” or “why has not this sold?”
* Lower price: An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you will probably get less than if it had been properly priced at the start.
* Wasted time and energy: A bank appraisal is most often required to finance a home.
It is a well known fact that well-kept homes, properly priced in the beginning, always get you a quicker sale for the best price. In a buyers market, like we are experiencing currently, often you need a professional to assist you in the sale of your home.