The Price is Right

When planning to sell, all homeowners naturally want to get the best price for their home quickly. Getting the right price for your home starts with establishing its fair market value.

When you listed your property, your broker helped you determine the asking price by examining recent comparable sales in the area, and by taking into consideration the specific features and condition of your property.

Once your home is on the market, the level of interest – or lack of interest – demonstrated by prospective buyers will help you refine your price. If you're not getting showings, chances are the asking price is too high. And if the showings don't turn into offers, the price could still be perceived as too high.

Pricing your home accurately from the start is critical to attracting buyers and generating offers. When overpriced, your home becomes stale. It lingers on the market and buyers wonder "what's wrong with it". When this happens, selling becomes even more difficult.

If you find yourself in this situation, the time has come to adjust. Conduct another comparative analysis to see if any of the other homes similar to yours have sold. If they have, at what price? Are there other properties on the market that are competing with yours? And if yes, what is their price?

Trust your broker. Rely on her to stay on top of market trends and guide you toward making the best decision with regards to price adjustments.