VIDEO: As many sellers would agree, pricing your property is a balancing act. On the one hand you want to set an asking price that will ensure you get maximum buyer interest. And on the other hand, you don't want to price your property too high that you receive no offers.
Before you launch your property online and start your listing campaign, it's vital that your asking price will influence buyers positively. Let's look at three different ways I like to price property the owner of the property will look at, what the property costs and what is spent over time of ownership and what they feel they need in order to be able to make a move.
A good agent will use their knowledge of the market and take a deep dive into the data. This will include recent sales for a demand and similar properties currently for sale area profiles and average days on market may also be considered by the agent. The buyer inspects on average of about fifteen properties before they buy. They may discuss price with their family, friends and work colleagues and they usually study the market for some time.
Now, case studies have shown that if a property can attract a large number of buyers in a condensed period of time higher price can be achieved, the bottom line is a realistic approached in a strategic plan usually gets the best results. If you have any questions regarding this or would like to discuss your next real estate decision, please don't hesitate to connect.
Adam Stewart, Realtor®
Chestnut Park West (Chestnut Park Realty Southwest Ontario Brokerage Ltd.)