waterloo and kitchener, ontario realestate mls listings; homes for sale

The Benefits of Pricing Right

1. Your property sells faster, because it is exposed to more qualified buyers.
2. Your home doesn't lose its "marketability".
3. The closer to market value, the higher the offers.
4. A well-priced property can generate competing offers.
5. Real Estate Professionals will be enthusiastic about presenting your property to buyers.

Determining the Value of Your Home | Home Appraisal Tool

The market ultimately determines the true value of your property. Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:

1. Location
2. Size
3. Style
4. Condition
5. Community Amenities
6. Buyer Supply
7. Financing Options

Getting to Know Your Market

A comparative market analysis is an indicator of what today's buyers are willing to pay for a home. It compares to market activity of homes similar to yours in your neighbourhood. Those that have recently sold represent what buyers are prepared to pay. The homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally overpriced or poorly marketed.

Jim Lawson of Royal LePage Real Estate will prepare a comparative market analysis for your home based on the most current market information. Together you and Jim will establish the proper list price for your home.

Understanding the Factors that Influence Overpricing

1. Extensive renovations/hidden costs
2. Desire to purchase in a higher-priced area
3. Original cost of the home was too high
4. Lack of real market information
5. Building in "bargaining room"
6. Perceived emotional value

The Result of Overpricing

Many sellers believe that if they price their home high initially, they can lower it later.

Often, when a home is priced too high, it experienced little activity. Gradually the price will come down to market value, but by that time it's been for sale too long and some buyers will be wary and reject the property. Also, other agents may hesitate to show a stale property that may represent poor value.

On occasion, the price is dropped below market value because the seller runs out of time. The property then sells for less than it's worth.

Missing the Right Buyer

You may think that interested buyers "can always make an offer", but if the home is overpriced, potential buyers looking in a lower price range will never see it.Those who can afford a home at your asking price will soon recognize that they can get better value elsewhere.

The Importance of Early Activity

As soon as a home comes on the market, there is a flurry of activity surrounding it. This is the crucial time when Real Estate Professionals and potential buyers sit up and take notice.If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.

Agree on a Marketing Plan

Your property is not something you sell everyday. In fact, for many people it is their largest asset. A house is very complex to market and the process needs to be well organized. To do the job properly a plan is needed.