What's the best pricing strategy to sell my home?

Pricing Your Property is a Balancing Act

On the one hand, you want to set a listing price that maximizes interest among qualified, motivated buyers who will be willing to pay the highest price for your property. These buyers will ultimately determine your property's top market value.

On the other hand, you do not want to set a listing price that attracts a lot of buyer prospects, but sets the stage for negotiations that result in you getting less than what your property is really worth.

Your Home's Actual Market Value

In a perfect world, your home's value would be everything you think and need it to be. However, unfortunately, your home's value is not determined by you, but by what the market is willing to pay for it at a given time. These days, the "market" increasingly refers to home buyers who have researched property values over the Internet for months, have already viewed a number of homes, and are not under any undue pressure to buy.

You can determine a value range for your home by looking at the recent sale prices and current asking prices of homes similar to yours in your area. That is why we prepare a Comparative Market Analysis (CMA) that includes a variety of "comparable" homes drawn from the local Multiple Listing Service® (MLS®).

The Bottom Line

On average, serious buyers look at about fifteen properties before they make an offer. Doing so gives them a basis for determining how competitively a property is priced, both in terms of the market generally and what they are looking for specifically.

If you overprice your property you'll usually lose serious buyers even if they otherwise love it. Experience shows that buyers usually do not make what they consider to be realistic offers on overpriced properties because they assume that doing so will just be a waste of time.

Besides being realistic, the correct sale price also largely depends on current market activity and your desired time on the market. For further information including the pricing pyramid and details about the consequences of overpricing please request our free seller information package below.


FREE SELLER PACKAGE

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.