Mike Muranetz


Edmonton's Advanced Marketing REALTOR®

The Edmonton Real Estate Blog, Market Information, Advise & Opinion

Knowing the Perfect Time to Reduce the Price of Your Edmonton Home

Edmonton Property Price Reduction picture

In Edmonton's current Real Estate market, it's not unusual for sellers to point fingers at the REALTORS® then they point fingers at seller's unrealistic expectations for a price. It's a catch 22 situation. Sellers say, "Why don't do you do more to sell my house?" Price reductions, price improvements, price adjustments, it doesn't matter what you call it, no seller wants to hear about lowering  their asking price (frankly, I really dislike it).

Before you agree to reduce the price of your home, ask yourself these questions

    How many hits has your listing received in the MLS®?
    Do the marketing comments sell the benefits or features?
    How does the house show online; are there a lot of beautiful pictures?
    Is your signage in a prominent location, has phone numbers, plus Web site?
    Do you have a virtual tour published?
    What kind of feedback have you received from REALTORS® and buyers?
    Are you offering enough compensation to the buyer's REALTOR®?
    Have you had showings and how many?

    How many offers have you received?

    How many of your neighbours have reduced their asking prices to stay competitive?

    Has your home been on the market longer than the average Days on Market (DOM)?

Purchasing a home today in Edmonton's current Real Estate market is great. Low interest rates and plenty of inventory to choose from and if you want to sell your home, it may be time for a price adjustment.

Need a new home pricing evaluation, contact me today. I can help. 

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Pricing Your Edmonton Home

Edmonton pricing your home image

When determining the value of your home, there are two main ways. Comparative Market Analysis (CMA) or an appraisal.

A written justification of the price for a property, primarily based on an analysis of comparable sales of similar homes nearby normally completed by an independent third party through a bank or financial institution. When an appraisal is lower than the agreed upon price of a property and it is a CHMC mortgage, the bank or financial institution may not agree to forward funds to complete a sale, there for Real Estate negotiations begin again.

A Comparative Market Analysis or home evaluation is an examination of prices at which similar properties in the same area recently sold, properties currently on the market and properties with offers on them (pending offers). We REALTORS® perform a Comparative Market Analysis for their clients to help them determine a list price when selling their home or a price to offer when buying a home.

The true value of a home is the value of what a seller wants, what a buyer is willing to pay and of course what the bank thinks!

What are think are the steps to price your home. Please comment below or thru my contact page.

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Mike Muranetz
Cell: 780-242-5229
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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.