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