Taken from canada Realty news.
Pricing Your Home To Sell Fast In a Buyer's Market
It's tough being the seller in a buyer's market. However, you can improve your odds with the right research. In many cases, making a smart deal and getting the best price comes down to studying your market and being an educated seller.
It doesn't really matter how much money you think your home is worth. Nor does it matter what your agent thinks. The person whose opinion matters is the buyer who makes an offer.
Price your home right
Pricing your home lower than your competitors can essentially generate more offers, thereby driving the price higher. On the other hand, pricing it too high and you risk buyers going into "sticker shock".
The benefits of pricing right
The result of overpricing
On occasion, the price is dropped below the market value because the seller runs out of time and the property is sold for less than its value.
Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.
The importance of early activity
If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.
The longer your house sits on the market, the less cash it commands. If you have to sell in a slow market, study the current trends, forget old values, recognize current values, and price your house lower than others in your market. Start at a sale price that is going to entice buyers from the get go. You will be the first one to sell in your neighbourhood and you will win from there.
Pricing your home.
- June 24, 2009
CENTURY 21 United Realty Inc., Brokerage*