5 Tips For Finding the Right Listing Price

15577327_l-housecalculatorFor most people, the investment in their home is one of their most significant assets, so it’s understandable that selling a house is a significant decision. It’s also a process, and one that the Urban Realty Group team in Whitehorse is very good at. One of the most important decisions you make when selling a house is the listing price. We’ve put together a few tips for pricing your home, based on our own real estate experience with clients and current industry reports to help you prepare yourself and your home for the selling process. We hope this information will be useful, to help you feel more confident about the decision, reduce the stress, and get the best return on your investment.

1. Buyers use the listing price of a property for sale as a filter.
When you add your asking price to your real estate listing, what you’re really letting buyers know is the most they will have to pay for your home. Pricing too low may not attract buyers and could signal a perception of low quality. Even if your house does sell quickly at a lower listing price, you may feel disappointment after the sale if you could have gotten a higher price for it. If the price of your house is too high, it may filter out the interest of serious buyers and agents who would have been interested in your home.

2. Understand how the value of your home is determined.
If you live in a Whitehorse subdivision (or any other Canadian city), it’s likely that your home is similar to the houses around it in terms of age, size, and floor plans. A look at recent sales in your neighbourhood will be a pretty good indicator of the value of your home if yours is in similar condition. Most home sale information is available in public records and can often be accessed through your local city hall. Older neighbourhoods have more variation as the changes over time from house to house can be quite substantial. As part of our service to you, we provide an evaluation that sets a price that’s based on real value and is fair to both buyer and seller.

3. Be able to separate actual value from sentimental value.
When you’re selling a house and listing the attributes that can either add or take away from the property value, it may be challenging to be as objective in your assessment as a potential buyer. It’s common to look past the unfinished projects that you meant to get done and over value the hours you put into a renovation project or garden.

4. Compare your home to others by shopping yourself.
Attending open houses is a great way to do some price comparisons yourself. As you look at other houses for sale, make a note of the differences and similarities, and what attract your interest. Make a note of floor plans, the lot size, and condition of the home as well as the things that put you off so that you can be sure to avoid them when your own open house is scheduled. Be sure to compare the homes in different price ranges too to see which features your house has in common.

5. Consider paying for a professional appraisal
Being able to provide documentation for your home’s condition can be a benefit to both the buyer and seller. For the buyer, having an objective opinion on the actual condition of the home they want to buy can make them feel more confident in their decision. It can also help them to get financing. For the seller, it is a show of good faith to show that a full disclosure has been made and can help to avoid any legal issues after the sale.
If you’re looking for real estate in Whitehorse or have a home that you’d like to sell, we’d like to help. Contact the team at Urban Realty Group and let’s talk pricing.