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FACTORS TO CONSIDER WHEN PRICING YOUR HOME

Friday, August 11, 2023   /   by Ameil Gill

FACTORS TO CONSIDER WHEN PRICING YOUR HOME

FACTORS TO CONSIDER WHEN PRICING YOUR HOME


Pricing your home accurately from the day it hits the market is critical to selling it quickly and for the most money possible.


1.PROPERTY CONDITION.


This is the livability and desirability of the house based on its age, the quality of the upgrades, how well the house was cared for, and even the design choices such as paint color, flooring, and cabinets.


Buyers today are willing to pay more money for a house that is in better condition and move-in ready.


2.LOCATION.


When it comes to calculating a home’s value, location can be more important than even the size and condition of the house.


There are many factors to consider in location — the school district, employment opportunities, proximity to shopping, entertainment, and recreational centers, and whether the home is in a neighborhood or on a busy road.


3.MARKET CONDITIONS.


Even if your home is in excellent condition and in the best location, the state of the housing market will determine how high or low you can price your home.


In a seller’s market, you can typically get away with listing on the higher side of market value and still sell quickly, however in a buyer’s market it’s better to price at the lower end of market value to appeal to the most buyers possible.


4.HOMES THAT RECENTLY SOLD.


Similar homes that recently sold around your property (or “comps”) will ultimately impact the overall value of your home. Appraisers will also look at this data if a buyer applies for a mortgage.


Easy access to home valuation sites means buyers In today’s market have a general idea if a home is priced too high, and many will wait on the sidelines until your price drops into the range of acceptability.


There are lots of variables to consider when setting a price for a listing, and it can often be tricky to get it just right. This is precisely why it’s important to partner with a seasoned and experienced agent who can help you to avoid the pitfalls of overpricing (or underpricing) your home.


If you’re curious to know what your home is worth in today’s market, send me a message! I would be happy to put together a FREE home evaluation — no strings attached!

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated March 3, 2024
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