Pricing Your Home To Sell is Worth $1000s when Priced Right!

Often Seller's are confused as to how much to "list" their home for sale as they are getting suggested list prices from Realtors that can vary $10K- $20K.  I explain to Sellers that "suggested List Price is an Art, not an exact Science".  However, if due diligence is done, the price variation should be within 5-10K.  More importantly, under normal conditions, the market sets the price that your home will sell and not the "listing" price.

You see, if you list your home at $420K.  Yet the comparable homes values are near $400K.  It won't matter that your Realtor® suggested your home was worth $420K, the market will only pay $400K.  Unfortunately many Realtors inflate their suggested listing price to get your listing, or accept Seller's onerous listing price, knowing that in a month when there are no offers, you will be forced to reduce your pricing.  You lose precious time and energy when you do this and Buyer agents will use your listing as a comparison to sell other listings to their Buyers at lower prices.  Eventually your home carries a "stigma", that there must be something wrong with it, if it stays on the market too long.  And the value may dip below $400K because of this.  So when you reduce the price offers may only come at $390 or less.  Bottom line: you will often suffer when you over price your listing. Don't do it, except in a couple of cases!  "Your local market has very few listings, there are no comparable homes and you are just testing the market".

Whereas, time after time again, we see that listings that are priced right, sell faster and at top dollars.  So if you listed at $300K.  Yet the market showed your home is worth $310K.  Then you will get multiple offers and your home will sell at $310K.  Not only would you have sold within the first two weeks.  You also get fair market value for your home.  Just think, if you were a Buyer, you wouldn't  overpay for a home, just because it is listed $20K more than it's worth.  Buyer agents can get in a lot of trouble, if they misdirect their client to pay more for a home than it's really worth!  The Real Estate and Business Brokers Act 2002, clearly directs registrants to provide fiduciary duties of "Competence & Good Faith".  

So ensure you price your home to sell!  And any Realtor® worth his medal, whose looking out for your best interest, as a Buyer or Seller, will always guide you and tell you how it is, and how it should be... irrespective if they got to list and your sell your home or not.

———-  Jas Jagpal is a Re/Max Sales Representative, who helps families in Markham, Scarborough, Pickering and the GTA in the sale or purchase of their home.  Jas’s professionalism and his unique 20% commission sharing program for charitable organizations distinguishes him as a leader in innovation and charity.  If you are charitable organization,  looking to fundraise and want to partner with extraordinary agent who is honest and upfront, then give Jas a call 647-272-6629.  All buyers and sellers are encouraged to visit Jas's website and download his personal brochure to get to know him better.  Affiliate with Jas, help him raise 50K in 2010 for charities and Make Good Things Happen.  Thank you. ——–

Tagged listing to sell Jas Jagpal fiduciary duties home to sell listing price markham real estate multiple offers pricing right realtor rebba2002 remax scarborough real estate toronto real estate

Tip #3 -29 Essential Tips That Get Homes Sold Fast (And For Top Dollars)

Tip #3 Do your homework before setting a price

Settling on an offering price shouldn’t be done lightly. Once you’ve set your price, you’ve told buyers the absolute maximum they have to pay for your home. The trick for the seller is to get a selling price as close to the offering price as possible. If you start out by pricing too high, you might not be taken seriously by prospective buyers and their agents. A price too low can result in selling for much less than you had hoped for.


Setting your home’s sale price can be a fairly easy process. If you live in a subdivision comprised of homes with similar or identical floor plans, built in the same time period, then all you have to do is look at recent sales in the neighborhood to give you a good ballpark figure.


But many people live in older neighborhoods that have changed quite a bit over the years. Every home in your neighborhood may be different in minor or substantial ways—the house next door may have added another bedroom, for example, or the one across the street might have been built recently to fill a vacant lot. As a neighborhood evolves

over the years, you may find that there aren’t any homes that are truly comparable to your own.


If you decide to sell your home on your own, the most common way to set a value is to look at homes that have sold in your neighborhood within the past six to 12 months, as well as those now on the market. That’s certainly how prospective buyers will assess the worth of your home.


You can usually learn what homes have sold for in your neighborhood by making a quick trip to City Hall; home sale information is in the public records in most communities (but not all).


If this sounds like a lot of work, you may decide to hire a Realtor®. Your Realtor® will do all the market research and provide you with comps showing where your home should be priced to best meet your goals—a fast sell, maximum profit, etc.


------------------------------------------------------------------------------------------------------

Jas Jagpal is a Re/Max Sales Representative, who helps families in Markham, Scarborough, Pickering and the GTA in the sale or purchase of their home. Jas’s professionalism, impeccable service and his willingness to give back with his unique 20% charitable commission sharing program distinguishes him as a leader in innovation and charity . If you are looking for an extraordinary agent, honest and straight shooter, then give Jas a call and ask for his personal brochure.  Or you can visit his website and download it.  Jas Jagpal is Making Good Things Happen! 

Tagged 29 Essential Tips Homes market analysis pricing right sold
Tags
Contributors
Sites I Like
​