The most important decision you will make with your Realtor is determining the asking price for your property in the current market conditions.
When a home is listed too high, you risk losing potential buyers who think your property is out of their financial reach. Over-priced properties also experience little activity and become ‘stale’ with time. Even if the price is eventually reduced, some buyers will be wary of a home that has been on the market too long and reject it, making it difficult to sell. On the flip side, if a property is priced too low, you might sacrifice a portion of your investment and even help your competition.
A property that is priced right the first time will sell faster because it is exposed to more qualified buyers. It will also maintain its marketability, often receive more offers and may even generate a bidding war.
To determine the optimal list price, your Realtor will complete a property profile of your home. This goes into more depth than an initial home evaluation and includes a thorough inspection of your property to find special features that could set it apart from others on the market like home upgrades and significant fixtures that will remain in place.
Your Realtor will also conduct extensive research on recent sales and properties currently for sale in your neighbourhood to create a comparative market analysis. This information, combined with your motivation for moving and the current market conditions (time of year, buyer or seller’s market, etc.) will be used to accurately assess your home’s worth to help you get the quickest sale at the highest value for your property.