Selling your home is a significant step, and setting the right price is crucial for a smooth and successful sale. For seniors looking to move or to downsize and capitalize on the equity in their home, the right pricing strategy can help maximize returns while ensuring a timely sale.
Here’s what you need to consider:
1. The Market is a Critical Influence
People buy and sell real estate daily, no matter the market conditions, but it’s important to understand that the market changes. A professional REALTOR® can help you understand how to adapt your pricing strategy depending on the current market conditions.
There are also peak selling times, which influences how much competition your home might be facing. Understanding market comparables in your neighbourhood; in the style / age / condition of the home you are selling will all also be critical factors in determining your best pricing strategy.
2. Consider Your Home’s Condition
Homes that are clean, updated and well-maintained often sell for a higher price and in a more timely manner. Even minor upgrades, such as fresh paint or updated fixtures, can enhance your home’s value. While we typically recommend that you leave the major renovations for the buyers; we do recommend that you understand that cleaning, staging and taking care of the minor repairs can make a significant difference. It will help attract more potential buyers, more demand and ultimately a quicker sale*.
*Assuming the home is priced accordingly for the market, location and style of home.
3. Be Realistic About Pricing
Overpricing can cause your home to sit on the market for too long, while underpricing might leave money on the table. A strategic price, based on current demand, will attract serious buyers.
Basing your pricing strategy on ‘what you need to make’ may lead to disappointment down the road. Understand that your home on the market becomes a fixture for sale and it needs to compete with comparable products.
A licensed REALTOR® can provide a comparative market analysis and help you to understand all the factors that might play into a competitive pricing strategy.
4. Get a Professional Opinion
We know we are biased about this, but there is no cost to consulting with an experienced, licensed REALTOR® before listing your property for sale. A professional will help you navigate pricing strategies, ensuring your home sells at a fair market value while meeting your timing needs, and supporting you with all the other stuff in between.
If you are interested in a complimentary consultation, I would be happy to meet with you. Please choose a time in my calendar or give me a call 780-242-1774.
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