Aurora Ontario Real Estate - Pricing Your Property

Before you put your home up for sale, you must set the price. And before you can do that, you must know what the house is worth. That doesn't mean what you paid for it, or how much you have upgraded it. Determining worth is finding out what someone would pay for it.

The steps in determining worth are:

RE/MAX agents have access to all of this information. Plus, they can objectively see the big picture and tell what makes your home unique. Once you have determined your home's worth, you and your agent will determine the asking price. Most often the price of a home is set slightly higher than its worth, to give a little "bargaining space." Of course, if it is set too high, it may deter prospective buyers.

If you're in a rush to sell your home, setting the asking price a little lower than what your home is worth will bring a lot of attention. But beware, if the price sounds too good to be true, buyers may be skeptical. They may still offer less than the asking price anticipating problems with the home down the road.

Your property sells faster, because it is exposed to more qualified buyers.
Your home doesn't lose its "marketability", lingering for weeks and weeks.
The closer to actual market value, the higher the offers tend to be.
A well-priced property can generate competing, multiple offers, often resulting in an even higher sale price
Real estate professionals will be more enthusiastic about presenting your property to buyers.

Many sellers believe that if they price their home high initially, they can always lower it later. Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to actual market value, but by that time it's been for sale too long and many buyers will be wary and reject the property simply on the issue of market time.On occasion, the price is dropped below market value because the seller runs out of time. The property ends up selling for less than it is actually worth.

Missing the "right buyer" - Some sellers believe that interested buyers "can always make an offer", but if the home is overpriced, potential buyers looking in a lower price range will never see it. Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.

As soon as a home comes on the market, there is a flurry of activity surrounding it. This is a crucial time when real estate professionals and buyers sit up and take notice. If a home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost to other properties.

Pricing your property