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SAM V MERCURI
Broker

Royal LePage Maximum Realty, Brokerage
Independently owned and operated

7694 Islington Ave., Second Floor, Vaughan, Ontario L4L 1W3
Phone: 416-324-2626  Fax: 905-265-3051

Pricing Your Home Right- What Does That Mean ?

May 29, 2008 - Updated: May 29, 2008

You have decided to sell and have all done the preparations : staging,removing all clutter,repairs/replace all minor items,etc,etc.

Only one more thing left to do :  PRICING the HOME to SELL !!

It is absolutely CRITICAL to determine the right price.  An overpriced home will not receive the activity (showings) it requires and interest/demand will wane after 30 days.  Do not be concerned about pricing below market value since that will often result in multiple offers and that will drive the price to market.

So how do you determine the right price ?

First and Foremost : Study the Comparable Listings and Sales over the past 6 months

You must compare your home to similar square footage homes in YOUR NEIGHBOURHOOD.  It is pointless to compare to another area as prices change even from one street to the next.  Remember compare APPLES TO APPLES

As well, you may want to check out your competition.  Tour the listings that compare to your home and adust your price accordingly.

Another factor to consider is the number of days on market (DOM).  Currently, the TREB is reporting that a sold listing takes approximatley 30-32 days.  If listing takes longer then that ...chances are there may have been a price reduction.

The percentage of Selling Price to List Price must also be considered.  I firmly believe that if you have just gone on market and offer comes in then there will no need to deviate much from your list price.  Currently we are looking at approx 98%-100% of Selling to List Price

So in closing : If you price it correctly.....it will sell within 30 days and for approx 98-100 % of Asking Price.  

If you would like info on this subject or to help you determine your LIST PRICE, contact me and I will be glad to help

Till nex time,

Stay Well !

sm


Tagged with: price house to sell price your home right
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