Deciding on a price to list your home for sale in London Ontario is one of the most crucial decisions you must make! I wrote about the four core ingredients in selling a home in a previous blog. Below are some bullet points; though brief, they matter!
The Benefits Of Proper Pricing
A Quicker Sale! The right price leads to a faster sale, saving you on mortgage payments, real estate taxes, insurance, and other carrying costs.
Less Inconvenience: Preparing your home for showings and maintaining a clean property. Making arrangements for children and pets, and generally altering your lifestyle, takes time and energy. Proper pricing shortens market time.
Increased Buyer Representatives: When salespeople are excited about a property and its price, they make special efforts to contact all potential buyers and show the property as soon as possible.
More Qualified Buyers: Pricing your home at market value will attract more qualified buyers. They have been pre-approved by a bank for a certain amount.
Higher Marketing Exposure: Buyer inquiry calls are more readily converted into showings when price is not a deterrent. Why? Home buyers know pricing; if your price is unreasonable, they won’t even look at the MLS listing.
Potentially Higher Offers. Buyers are much less likely to make a low offer when a property is priced right. Why? The fear of missing out!
The Drawbacks of Pricing a Home Too High
Less Activity: Realtors and their buyers will not visit the property if they feel the price is out of range to others on the market.
Lower Marketing Response: Buyer excitement will be directed toward other properties that offer better value.
Loss of Qualified Buyers: The property will appear to offer fewer amenities than comparably priced properties in the same price range.
Attracts the Wrong Buyer: Serious, qualified buyers will feel they should get more for their money.
Helps The Competition: The high price makes the other homes for sale look like a bargain!
The Elimination of Offers: A fair-priced offer will be lower than the asking price. Some buyers and their representatives do not want to insult the seller. Yes, buyers also have feelings! And a heart!
Appraisal Problems? Appraisers base their value on what comparable properties have sold for.
Lower Net Proceeds: An overpriced property will eventually sell for less than if appropriately priced. Not to mention the extra carrying costs.
A sign that shows that pricing a home inconsistently with the market is not good!
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