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Trying to understand a fluctuating Real Estate market or knowing the market value of your home can be extremely frustrating, especially when faced with a specific moving time frame. A comparative market analysis CMA Is the strongest tool we use when providing a estimate on the potential selling price for your home; Indicated Sales Price. Setting the price for your home is challenging. Too low, and you leave money on the table. Too high, and you scare away buyers to other properties. To complicate all this, your home is an emotional asset - it's hard to see it objectively. Pricing is something agents spend their careers refining and mastering. we can assist you in suggesting an attractive, yet realistic price range for your home, taking the following areas into consideration based on the current market. With this information provided, you will be able to make an informed decision about your asking price.
ESTABLISH A LISTING PRICE | STRATEGIC PRICING
Pricing your home largely depends on what type of market we will be listing in by determining the absorption rate. Question is where to price it among the competition- above, with or below? Their are three possible strategies to consider:
Sellers Market Price Above is good if the market is going up and the seller is willing to wait.
Balanced Market Price With is good if the market is balanced and the seller would like to sell fast or if the market is flat and price is most important to the seller.
Buyers Market Price Below is good if the market is flat and the seller would like to sell quickly or if the market is falling.
We study active listings similar to your home within the neighbourhood and or area, homes that are currently competing with yours for the attention of buyers. Take note these homes have not yet received an acceptable offer. Positioning your home among your competition to stand out is key among inventory as buyers will be comparing.
Determine if your list price will fall based on the competition?
Are you open to a price drop to compare positively with your competition - If you need to sell fast?
With an exhaustive study of similar homes for sale and an analysis of past sales to help come up with the optimal list price for your home we must take a closer look at the interior and exterior for comparison when performing our analysis. Example includes but not limited to, the homes amenities, including the number of bedrooms and bathrooms, the floor plans functionality, square footage, upgrades?, deficiencies? special features? are just a few key factors.
What Is Most Important To The Seller
To best assist our clients we want to know whats most import when looking at the end result, is it price, time or both.
Are you prepared for a quick closing or long closing?
BUYERS KNOW THE MARKET
It's quite simple, a buyer is just not going to pay any more than they have to when purchasing a home.
They have been watching the market closely, and are out there looking at all the inventory. They know more than anyone what is available, and for how much. If your price is within the range of your market, Buyers will come look at your home. If you are priced too high, they probably will skip it. Your high price will make your competition look good, and will get them sold, not you. If you had time to only see 3 homes in this neighbourhood, which 3 would you go look at?
Looking at recently sold homes similar to yours within your neighbourhood and or area will provide the best foundation In determining your homes estimated market value. Having a clear understanding of true market value is the first step in establishing your list price.
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