| Why is it that some homes sit on the market | | | | properties. Based on this criteria, the |
| for a year while others sell like hot cakes? | | | | agent feels confident that he or she will be |
| Frustrated sellers will blame a bad market, | | | | able to sell it for a price that both you and |
| while a good real estate professional will | | | | the buyer will be happy with. However, if |
| tell you that many times, a slow sale is | | | | you're under time constraints because of |
| often attributed to the listing price. | | | | unexpected job changes or moving agreements |
| | | | you've made on another property, this will |
| If a home is overpriced, buyers will stay | | | | narrow your chances of selling the home for |
| away. But, if the price is competitive with | | | | top dollar in the market. |
| similar homes in the area and "shows" better | | | | |
| than the competition, it will have a better | | | | Assuming you have sufficient time to market |
| chance of being sold quickly. | | | | the home, here are a few small steps you and |
| | | | your agent can take to finding the right |
| The secret is perfecting a technique that's | | | | price for your property. |
| as Canadian as the maple leaf: comparative | | | | |
| shopping. | | | | The best comparisons can be made with similar |
| | | | homes that have been sold within the last 45 |
| Although comparing houses with different | | | | days as opposed to the standard six months. |
| styles, square-footages and locations is | | | | Any longer and other factors, such as the |
| challenging, real estate professionals still | | | | economy, could cloud your view of how much |
| feel it's one of the best methods to use when | | | | your home is really worth. |
| determining a home's market value. | | | | |
| | | | Another good benchmark is to review the |
| A responsible real estate agent will | | | | selling prices of homes that have just been |
| effectively evaluate a home's worth through a | | | | sold and are pending closes. Most MLS |
| process known as Comparative Marketing | | | | services provide information on deals pending |
| Analysis (CMA). Taking a look at assets, | | | | that most real estate agents should be able |
| such as a swimming pool, bigger than normal | | | | to shore with you. |
| living spaces, a fantastic view, adjacent | | | | |
| city parks and other attractions, the agent | | | | A good rule of thumb before setting a price |
| will begin to compare your home with similar | | | | is to make 20 comparisons of comparable |
| properties, called "comparables," that have | | | | properties within a one-mile radius of your |
| sold in the area within the last six months. | | | | house. Once completed you can feel |
| Typically, the agent is able to recommend a | | | | comfortable that the price you've picked is a |
| realistic price range that will ensure you | | | | good gauge of the home's worth and won't |
| top dollar. | | | | discourage qualified buyers. |
| | | | |
| However, factors such as the amount of time | | | | Being open and honest about what you see as |
| needed to sell your home can alter the | | | | the home's greatest strengths and biggest |
| agent's price recommendation dramatically. | | | | weaknesses will also help an agent get a |
| | | | better feel for how to best evaluate (or |
| Typically, people should check with real | | | | assess) and market your home. Think of your |
| estate offices in the community to determine | | | | home as if you were the buyer. If your home |
| the typical duration that listings are on the | | | | is listed at the right price, you're well on |
| market. Sales associates will explain that | | | | your way to a speedy and fruitful sale. |
| the marketing "norms" vary with prices and | | | | |