Home Pricing Strategies: How to Price Your Home

How to Price Your Home in the 2019 Real Estate Market

Pricing your home right is tricky. Setting the right price is one of the most important things that sellers need to do to sell their home quickly for top dollar. Pricing your home or condo too low or too high could leave you with less money than your home is worth. Thankfully, when it comes to home pricing strategies, our unique advantage is to your benefit.

View the video below to see what we have to say when it comes to pricing your home just right or read on for more details.

The Risks of Having the Wrong Home Pricing Strategies

As mentioned, home pricing strategies are extremely important. If you get it wrong, you risk losing big. Let’s look at two possible scenarios:

Your Asking Price was too Low

Yes, you may make a quick sale, but was it too quick? You could well be leaving money on the table. Pricing low in the hopes of creating excitement and driving a bidding war is a good strategy in some markets, but not all.

Your Asking Price was too High

Chances are, buyers will be scared off or you may not even reach them at all. You’ll have no one coming through the door and your house could be on the market for a very long time. Eventually, you may have to put a “New Price” sign on the lawn, signalling that you misread the market. You miss out on the excitement and buzz that is created around a new launch and other homes pop up for sale to steal the show. Your house could end up helping others sell instead of yours!

How to Price a Home the Right Way

As you can see, neither of the above situations is ideal. But finding the right price is clearly easier said than done. Thankfully, we’ve mastered the art of pricing a home to sell and have helped our clients get the right price for their home.

Take Dennis, who had his Etobicoke condo listed for months with another agent, with no offers at all. In this case, in its existing state, the property didn’t live up to the price. We had recently sold two similar condos that had been staged to look like model homes. That explained why Dennis wasn’t getting much interest.

Once we stepped in, advised a couple of minor repairs, and staged the condo properly, it sold quickly for $25,000 over asking!

Selling a home is not just setting a price. The steps we take to prepare, market, and sell a home are key to our success. Here are some of the major factors we consider in our home pricing strategies.

1. The condition of your home. Is it super clean and decluttered and made to look its absolute best?
2. How well does your home show online? Most people view homes on computers and mobile devices and they want to be wowed!
3. How are similar homes priced? Buyers will look at similar homes in the area that are on the market, including their condition and how they are priced.
4. What have similar homes sold for? While this information isn’t made public, we have access to it and we look into this data for all of our clients.

If you’re thinking that sometime this year you might want to sell and you want to get top dollar, let’s start a conversation. Call, text or email us, or simply fill out the form below.