Yes, first impressions do matter.
Lots of people out there want to buy your home. The right asking price will attract attention and get you maximum return. Setting a fair market value on your home will get the most out of interested buyers.
It’s nearly impossible to replace the initial flurry of interest and activity a new listing will generate. REALTORS® in your area will want to see your home right away and tell their buyers all about it. Be sure you’re priced and poised to capitalize on this first wave of excitement.
You don’t want to set your price too low or too high.
Setting too low a price means you could miss out on thousands of dollars that some buyer would have paid.
Setting too high a price can scare away willing buyers and leave your home on the market for too long. When you lower the price, people may assume you are under pressure to sell and lower their offers even further.
It’s not easy to price your home on your own. REALTORS® know the general factors affecting your market, so work with them to get a price that’s right for you.
The Right Price
The Benefits of Pricing Calgary Homes Right
Your home may sell faster
A well priced home not only captures the attention of potential buyers, it also prompts interested buyers to act. The sooner they act, the more likely someone will make an offer and get the process underway.
Your property sells faster because it is exposed to more qualified buyers. You’ll target the right buyers
If the price is right, your home will attract the right buyer who can afford your home. Your home does not lose its marketability
The right price will attract showings, which will generate offers.
Most activity on a new listing occurs in its early days on the market. As soon as a property comes on the market, there is a flurry of activity of surrounding it. Don’t let that excitement end with an overpriced home.
REALTORS® will be enthusiastic about showing your property to buyers.
Most listings have the most interest in the first four weeks of being on the market.
Common Reasons for Overpricing
Save yourself time, energy, and money by avoiding these common overpricing mistakes
Over improved property makes improvements to your home for your enjoyment not just for resale. You cannot expect to add items to your home, use it and then expect a buyer to pay for it.
Original purchase price was high It is possible you paid market value for your home and now the market has changed. It is not that you paid too much but rather the current market has changed significantly resulting in a lower market value.
Desire for negotiating room it is easier to negotiate upwards to a fair market value than to an inflated price.
Financial Need An owner’s need for money does not increase the value of the home nor does a buyer care about how much you need to walk away with.
Just Fishing. You are not really motivated to move but, if you got the right price, you would. It is important to price correctly to preserve your marketing opportunities when and if the move becomes urgent.
Mortgage/Appraisal issues your buyer will need a mortgage; the mortgage lender requires an appraisal. If comparable sales and current market conditions do not support the sale price, the house won’t appraise. Your deal falls apart or you try to renegotiate the price but only if the buyer is willing to listen.
Bottom Line
Ultimately, the asking price that you decide on should reflect your overall selling goals. Are you looking to sell quickly, or do you have time to wait for the right offer to come around.
Make sure to consider why you are selling before setting your asking price.
There is no exact price; your home is worth what a buyer is willing to pay.
The market determines value; together you and I can determine asking price.