The home-selling process in Markham is full of decisions that all sellers must make. One of the most important is to choose a listing price for your home. If you choose a price that is too high, you will not attract the attention of potential buyers. However, if the price is too low, you will not receive the money you deserve for the property.
As you determine the listing price for your home, there are several things you need to consider. Let’s talk about several of them.
1. Current Market
One of the most important factors you must consider is the current real estate market in Markham. If it is a seller’s market, there are more potential buyers than there are houses on the market. This means that property is likely to move quickly and at high rates. Typically, you can price your home high and still receive interest from potential buyers. However, if it is a buyer’s market, there are more homes than buyers. If you need to sell your home quickly, you will need to set it at a lower price than you would otherwise.
How quickly you need to sell your home will determine your sale price. For example, if you need to sell your home fast, you will want to set it at a lower price that is attractive to the buyers in your price range. However, if you are in no rush, it may be okay to leave it at a higher rate. Keep in mind that when a home remains on the market for too long, buyers become hesitant and it can affect the offer you receive.
3. The Condition of Your Home
When selling your home, you will want to request a comparative market analysis from your Markham real estate agent. This report will provide detailed information about how much similar homes in your neighbourhood have recently sold for. This is one of your best tools for pricing your home.
Although, the numbers shouldn’t be the only thing you consider. You should also think about your home’s current condition. If it is in need of several repairs, has many cosmetic flaws, etc., you will want to price it lower than others on the market. If you want to increase the home value, you must make the needed repairs and upgrades to increase your home’s value.
Choosing a listing price for your property doesn’t have to be an overwhelming and stressful experience. When you work with an experienced real estate agent, like Martin MacFarlane, you have help every step of the way. Contact Martin today for more information on selling your home in Markham.