So you’re moving on. Even though you’ve decided to sell, putting a price on years of happy times in your current home can be difficult.
However, your first job as a new seller will be to set a sales price that’s just right.
If you price your home too high, it may languish on the market for months.
If you price it too low, you won’t get a fair return on your investment.
Your real estate agent will do a comparative market analysis of houses that have sold recently in your neighbourhood. This will establish your house’s true market value.
Statistics show that a home priced within 5% of its actual value is more likely to sell within 30 days than is the same home that is overpriced by 10%.
For you, timing may be important. Are you a motivated seller who has already purchased and can’t afford to carry two mortgages? Is it a buyer’s market, where homes sell quickly? Or is it a seller’s market with lots of neighbourhood competition? All these affect pricing.
So do major renovations. Your real estate agent will know the value buyers will place on your renovations and be able to factor that into the price.
Is yours a class A house on a class C street? You may have to factor that into your price as well.
No matter how perfect the house, location is a priority for most buyers.
The bottom line, then, is to listen to the professionals and price the house to sell.