Saskatoon Home Selling Tips: Setting the Price
Thinking of selling your home and not exactly sure where to start? Fortunately, it’s been done dozens of times, at least, and there are steps you can take before listing your home on the market to increase your chances of a timely and fluid sale. Ask yourself, what are your needs and motivations from a sale and can today’s market help achieve your goals?
First and foremost, make sure to do your homework when selecting a listing price. A common misconception that many sellers have is to create “bargaining room” by setting their asking price much greater than market value. However, setting your listing price even 10% higher than the recommended market value of your property can eliminate up to 50% of the pool of potential buyers looking at similar homes. Market value is the price an informed buyer is willing to pay for a property based on today’s market conditions in your region.
When assessing your property against others, be sure to consider size, location, age, features, layout, neighbouring properties, nearby amenities, and actual sales price, not asking price. For example, your neighbour may be asking $350K for their “fully renovated” 3 bed, 1 bath 850sqft home only 6 blocks from yours, but they’ve been trying to sell for 250 days. You updated your home when you moved in 12 years ago and have the same style, size, and age of home, plus your neighbour runs a doggy daycare, and you need to move across the country in 30 days. Do you try your luck at $365K? ….. But, you purchased yours for only $30K less all those years ago when the housing market was hot!
Remember that today’s market value is not what you paid for your home, or what you still owe on your home, and is not influenced by the cherished memories it contains. Do some research about your market area to become better informed, go online and visit open houses. Then, find a professional that you trust for consultation and guidance.
A reputable Realtor® will listen to you to understand your needs and motivations in addition to providing an informed, professional and objective perspective about how to price and position your property for a timely sale in today’s market. Ask your friends, family, and colleagues for referrals and/or interview multiple agents to find someone that is relatable and whose opinion you trust. Most agents will provide a complimentary market analysis of your property and would be happy to discuss marketing strategy in advance of listing. Think critically about the agent that recommends the highest listing price and keep in mind that opinions on market value will differ from agent to agent, so ask to review their research and discuss their findings.
Stay tuned for additional tips on selling your home in Saskatoon. I’m always happy to discuss your home selling needs and can be reached at (306) 202-9302.
Realty Executives Saskatoon