If you price your property too low, it may sell quickly, but you’ll lose out on money. If you price it too high, it may not sell at all. Your agent can help you figure out the best asking price for your home.
The Benefits of the Right Price
A well-priced property may generate competing offers, which will drive up the final price. Other real estate professionals will be enthusiastic about presenting your property to their buyers. Your home will sell faster because it is exposed to more qualified buyers.
Listen to the Market
As part of your pricing strategy, your agent will put together a comparative market analysis, which is a good indicator of what today’s buyers are willing to pay. It compares the market activity of homes similar to yours in your neighbourhood:
Don’t Overprice Your Home
Some sellers believe that if they price their home high initially, they can lower it later. Instead of making you more money, this strategy could end up hurting you.
Renovations don’t have to be expensive or extensive to offer you a good rate of return. In fact, a quick coat of paint can go a long way to boosting your selling price. Just make sure your new décor is tasteful, with shades of white and tame versions of popular colours.
The kitchen and bathroom are your best bets for renovation with the highest payback. Take a look at these average rates of return for home upgrades:
As an expert on home sales trends in your neighbourhood, Joan - your Royal LePage Sales Professional, can suggest which areas of your home could benefit from renovation and increase its value.
If you’re planning an open house, or are expecting buyers to be looking at your home, make sure their first impression is a good one. Here are few hints for making your house look great to potential buyers:
The first formal step in selling your property is entering into a Listing Agreement with your Royal LePage agent. The Listing Agreement is a contract in which Royal LePage commits to actively market your home for a specified period of time. It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale.
As part of the Agreement, your agent may require the following documents:
Plan of Survey or Location Certificate: A survey of your property which outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. Your legal professional may recommend a survey, especially if significant changes have been made to your property.
Property tax receipts: Most Listing Agreements require that current annual property tax assessments be shown.
Mortgage verification: Few homeowners know the exact balance of their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
Deed or title search: This document is a legal description of your property and the proof that you own it.
Other documentation: In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs. Some provinces require that you sign a property condition disclosure statement.
The real estate market is always changing, and it helps to understand how market conditions can affect your position as a seller. Your agent can provide you with info on current conditions and explain their impact on you.
The supply of homes on the market exceeds demand.
The number of buyers wanting homes exceeds the supply of homes on the market.
The number of homes on the market is equal to the number of buyers.