Don't Overprice Your Edmonton Home!
Usually, four common strategies are used to price a home. Understanding these techniques can help you get a better deal on your home, while matching your needs.
1. Greatly overpriced
Every seller wants to get the best price for their home. In a hot seller's market you need to careful with multiple offers, the battle may be won by inflating the price, anywhere from 5-10% of its true market value. Determine a fair offering price range with your Edmonton REALTORs® (us please) before getting into a bidding war with multiple offers. Too high a price could leave the home on the market for months (not good). The home could be great, just offered at the wrong price. If it does not sell, it could be considered a problem. The price may have to be reduced to sell it and typically you get less for the home in comparison to pricing it correctly from the start.
2. Somewhat overpriced
Homes in this category also tend to sit longer on the market. The reasons: there may be room for negotiation in the price, or the seller is emotionally attached to the home (not good). Once it's on the market, sellers need to let go that attachment.
3. Priced at fair market value
These homes tend to sell within a reasonable time usually within the average Days on Market (DOM), at close to the asking price. Competitively priced, their price represents a thorough analysis of other neighbourhood homes on the market.
4. Priced below fair market value
For various reasons (including health, relocation, condition of the home, divorce, etc), a seller may want to sell a home quickly. This type of sale often results in multiple buyers, with the home being sold quickly. The stress is over quicker BUT you may not the best price for your home. Every Real Estate sale is different and you may have your reasons.
We can provide you with a thorough analysis of any home you are considering to sell. This price will be based on market conditions (time of year), similar homes in the neighbourhood and condition of the home. At the same time, as your REALTOR® team, we'll work with you to find a new home which meets your needs in a fantastic neighbourhood. Call either Audrey 780-910-5179 or Mike 780-242-5229 or go to our contact page.