A REALTOR® can provide you with a Comparative Market Analysis of recent listings and sales in your area based upon home features, listing period, and sale price.
COMPARABLE PROPERTIES SHOULD:
· Ideally be within approximately 1 kilometre of your home.
· Have been sold or listed within the last 3 - 6 months.
· Be approximately the same age as your property.
· Have square footage very close to that of your home. So, if your home is 1,500 square feet, comparable properties should be between 1,350 and 1,650 square feet.
- Homes that are priced just under a “century” number (a round number) are more attractive to buyers, similar to $9.95 instead of $10 etc. Hence, your $299,999 home might seem more affordable than if it were priced at $300,000.
- Consider the price range your home will fall into on real estate websites. Most buyers have a budget range. A buyer looking at homes in the $280,000 to $300,000 range will likely not see your home if it’s listed at $305,000. If you choose a listing price of $299,999, it will show up in their search results — and they might end up being your buyer!
- Although difficult, it is necessary that you remove your emotional attachment to your home. Look around at what is selling at around the same price and objectively, compare these homes to yours. Are these homes worth more or less than yours?
- Even with prior assessment, and in our ever-changing markets you may find that you’ve listed too high and after a period of little activity you may need to make an adjustment. Avoid making a few small pricing changes over time. It’s better to make one big price correction.