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SETTING THE PRICE FOR YOUR PROPERTY
When setting Vancouver house prices for your property, the
listing level must strike a balance between the seller's
need to achieve the best-possible return and the buyer's
need to get good value. With many years of experience,
I can help you set Vancouver house prices that will accomplish
both objectives.
ESTABLISHING MARKET VALUE
The market value of your property is determined in exactly
the same way as any other commodity-what a buyer is willing
to pay for it in today's market. Despite the price
you paid originally, or the value of any improvements you
may have made, the value is determined by market forces of
Vancouver house prices.
LOOK AT THE COMPETITION
Buyers look at about a dozen properties on average before
making an offer on a property. As a result, they have
a good overview of the market and will compare your property
against competition. If its not in line with similar
Vancouver house prices, buyers won't consider it good
value for the money.
THE PITFALLS OF OVERPRICING
As you move above market value, you attract much smaller percentage
of prospective buyers, greatly reducing your chances of a sale. Overpricing
your house in the belief that you can reduce the price back
later is a strategy that can backfire badly. For
example, by the time you reduce your price, you may miss out
on a surge of interest in properties like yours. Also,
if prices are lowered, buyers may wonder if there's something
wrong with the property that kept other buyers away. So
to keep from selling your property at below market value and
from wasting valuable time, don't fall into the overpricing
trap.
THE EFFECTS OF OVERPRICING
Average percentage difference between the Selling and Asking
Price by the length of time the home was on the market.
· Put your best foot forward immediately
· Establish a competitive asking price
· Keep your home in top showing condition
· Offer favorable financing terms
ACTIVITY vs. TIMING
When a property is first
listed, it generates a very high level of interest from prospective
buyers, which reduces dramatically over time. It is important
to be priced correctly from the beginning, during the peak
of this curve.
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“If you're researching for the best agent in your corner then STOP because you found the perfect one, Crystal Boldt with Century 21”
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