{"id":11263,"date":"2023-06-08T08:00:00","date_gmt":"2023-06-08T12:00:00","guid":{"rendered":"https:\/\/www.zolo.ca\/news\/?p=11263"},"modified":"2023-06-08T10:20:00","modified_gmt":"2023-06-08T14:20:00","slug":"how-to-price-your-home-accurately","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/how-to-price-your-home-accurately","title":{"rendered":"How to Accurately Price Your Home"},"content":{"rendered":"\n

If you are considering selling your home, you may wonder what this process looks like. And ultimately \u2014 how to price your home to sell for top dollar. How much you get for your home depends upon various factors, including whether or not you priced the property accurately. <\/p>\n\n\n\n

Set the asking price too high and your home could sit and languish. Set the price too low, and you could leave money on the table. So, before you start selling your home, you\u2019ll need to consider how to price your home for sale.<\/p>\n\n\n\n

If you don\u2019t want the hassle, don\u2019t care if you get a good return on your initial investment, and just want a quick sale, an easy option is to find out what other comparable properties in the area have sold for and then price your home just below these sale prices. Chances are someone will realize you\u2019re motivated and put in an offer.<\/p>\n\n\n\n

Realistically, however, most sellers aren\u2019t looking for a quick sale. Most sellers want to get the highest possible selling price. To help you achieve this, here are four steps to determine the best price for your home.<\/p>\n\n\n\n

Step 1: Do Your Homework<\/h2>\n\n\n\n
\"Millennial<\/figure>\n\n\n\n

Even if you\u2019ve sold a property before, setting the price for a house, condo, or any other type of property can be tricky. Market conditions, the overall economic health of a city, province or country, and even neighbourhood desirability of this will impact the supply and demand for homes in your community, impacting the perceived value and final sale price.<\/p>\n\n\n\n

To get a better handle on current market conditions, it\u2019s best to do your homework. Researching the sale trends in your neighbourhood. Look at similar homes sold in the area over the last three months. Try and limit your comparison to homes that are similar. There\u2019s no point in comparing your 1970s bungalow with no remodel to a large two-story new build with a pool \u2014 it, quite literally, is like comparing apples to oranges.<\/p>\n\n\n\n

When you have a good list of similar homes, consider the differences between one property and the next \u2014 and consider how these differences impact your house. For instance, did a property with a two-car garage sell for more than a property with a one-car garage? Did the 7th-floor condo with a large patio-type balcony sell for more than a 5th-floor condo with a tiny balcony? Were parts of the home remodelled? Renovated or updated? When were the homes listed, and how long did they take to sell? <\/p>\n\n\n\n

All of this information can give you insight into what buyers shopping in your area value, which can help you determine an approximate perceived value and how to price your home.<\/p>\n\n\n\n

Step 2: Look at ALL the Listings<\/h2>\n\n\n\n
\"A<\/figure>\n\n\n\n

Listings provided by your Realtor (or through online sites that offer sold data) can give you a good idea of what sale prices homes in your area or complex are selling for, but you shouldn\u2019t limit your search to just sold listings.<\/p>\n\n\n\n

Ask for \u201cwithdrawn\u201d and \u201cexpired\u201d as well as \u201cterminated\u201d and \u201crelisted\u201d listings. These are homes that didn\u2019t sell \u2014 and according to some industry standards, about 40% of homes don\u2019t sell when first on the market. By doing the same examination on homes that didn\u2019t sell, you can get a better idea of potential turn-offs and a price range that buyers may consider \u201ctoo high.\u201d<\/p>\n\n\n\n

Step 3: Compare Square Footage and the Upgrades<\/h2>\n\n\n\n
\"A<\/figure>\n\n\n\n

You must realize that some buyers get stuck on square footage numbers as a seller. This means you need to assess whether or not you are priced in the same price bracket as similar properties with comparable square footage measurements. <\/p>\n\n\n\n

Related content<\/p>

How to Calculate Square Footage<\/a><\/p><\/section>\n\n\n\n

This doesn\u2019t mean that a larger condo will always sell for more than a smaller condo \u2014 very often, it\u2019s possible to get a higher price if you don\u2019t ignore square footage but focus on genuine upgrades or advantages. For instance, some people will buy a smaller home for more if it allows them to park their car and walk to work.<\/p>\n\n\n\n

Another reason for becoming familiar with your home\u2019s square footage is that this fact will be assessed by the appraiser. While it doesn\u2019t always happen, some lenders will pay for an appraisal of a property in order to ensure the buyer isn\u2019t overpaying. (No bank wants to lend a buyer more than a home is worth.) <\/p>\n\n\n\n

If your home\u2019s square footage costs are not congruent with similarly sized properties, the appraiser will need to find reasons for this discrepancy. If they don\u2019t find satisfactory reasons, they\u2019ll report back an appraised value that may be less than your asking price (or worse, the agreed-on sale price).<\/p>\n\n\n\n

As a general rule of thumb, appraisers will work with a 10% margin on square footage computations. This variance means that your 2,000 square feet home should fall into the price range of homes that measure 1,800-2,200 square feet within your community.<\/p>\n\n\n\n

Step 4: Look at the Overall Market<\/h2>\n\n\n\n
\"Ariel<\/figure>\n\n\n\n

Finally, get a read on what the current market is doing. Is it a buyer\u2019s market? Is supply building up? Are homes selling quickly in your community or complex? Do you have any current competition? This includes homes recently listed for sale in your area and developments in the vicinity that may entice buyers to spend more on new builds.<\/p>\n\n\n\n

If you are in a seller\u2019s market or your neighbourhood or property type is in demand, consider a markup to your current market value price. Chances are the market will absorb this small price increase, which means extra cash in your pocket.<\/p>\n\n\n\n

On the other hand, if you find the market to be stagnant or falling, or if you find you\u2019re in a buyer\u2019s market, consider reducing your asking price. Remember that under these conditions, most buyers will try and negotiate, which could mean a further reduction in the final sale price.<\/p>\n\n\n\n

Final Words<\/h2>\n\n\n\n
\"Two<\/figure>\n\n\n\n

Selling your home can be emotional, so putting a value on the property can be hard. But don\u2019t be mistaken: Pricing is a significant contributor to how fast a home sells and whether or not a seller can get a list price or above the list price. Consider getting professional advice during this process and keep these steps and strategies in mind when finally setting a list price for your home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here are four solid strategies to help you price your home for sale<\/p>\n","protected":false},"author":22,"featured_media":22881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"guide":[],"class_list":["post-11263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-selling"],"acf":[],"zolo_excerpt":"","_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/11263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/comments?post=11263"}],"version-history":[{"count":9,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/11263\/revisions"}],"predecessor-version":[{"id":22883,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/11263\/revisions\/22883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media\/22881"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=11263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/categories?post=11263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/tags?post=11263"},{"taxonomy":"guide","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/guide?post=11263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}