How Do You Set An Asking Price For Your Home?

Aggravation and loss of money, that’s what you get when you try to sell a home that is improperly priced, so continue reading and learn how to avoid the pain.

Check out the competition

To find the right dollar figure, you’ll need to get a sense of what the competition, i.e. your neighbors are doing. Ask your real estate agent to put together a comparative market analysis.

This report should include the original list price, actual sale price and time on the market for all nearby homes that were recently sold. Pay special attention to houses that changed hands during the last 3 months, but it’s worth looking at a full year of numbers.

Compare your home to others

Get a sense of how your house compares. Walk or drive by any house in your neighbor hood that was recently sold, and spend a couple of weekends visiting open houses in your neighborhood.

Consider getting an appraisal

If you are still unsure, consider getting help from an appraiser to value your home. It will cost you around $300-$500, depending on the specific property, but you will get a very clear picture of how a mortgage lender will likely value your home.

Now you are ready to set your price. When in doubt, go low. Slightly underprice to attract multiple bids. After 2 weeks and if you still have not received an offer, then you must start reducing your asking price.

If you are considering buying or selling your property, we have over 30 years of experience, and ours sales exceed well over a billion dollars. We have dedicated sales professionals who will effectively guide you every step of the way. Call us on 604 695 1000 or email us for a consultation.