Sellers: Pricing to Sell in Today’s Southern Georgian Bay Market
We would like to help you solve one of today’s mysteries: how do I price my home so that I am SOLD and not just LISTED FOR SALE. It comes down to 3 things: price, location and condition. You have no control over your location, and there is no doubt you have made every effort to maximize the condition of your home in preparation for listing it (ie. decluttering, painting, staging and freshening.) That brings us to PRICE. You, as the Seller, have total control over the price.
Often Sellers insist that we list their homes above its Market Value. Here is why you should reconsider doing that and sharpen your pencil instead:
The middle line above represents a given property’s market value. This illustration shows that the field of available buyers narrows considerably, the higher the list price is above market value. The reverse is also shown above: the lower the price is below market value, the larger the field becomes of potential buyers.
What if there is only 1 qualified buyer ready, willing and able to buy your home? Priced correctly, your home will attract potential buyers in your price range. If your home is priced incorrectly, there is every chance that buyer will buy something else, because yours isn’t on their ‘radar,’ or they think it is not in their price range.
What happens when you realize you’ve listed your home too high? Drop the price as soon as possible. Avoiding a ‘stale’ listing – where buyers in the marketplace decide that a home is overpriced and therefore rule it out – is important, so act quickly. Make sure to address any concerns that feedback from showings has taught you as well. We know how hard it is to hear criticisms of the place you hold near and dear but listen to the feedback as it gives you clues on how to help get the sale sewn up asap!
We are here to help you navigate this changing market, as it returns to balanced conditions.