Pricing Your Home (CMA)
Without a doubt the most important factor when it comes to selling your home is determining the correct market value of your home in today’s market. This step involves proper research to ensure we consider all the factors that can affect the market value of your home. There is no magic involved; it comes down to considering all the market factors at the time to be sure you are correctly priced. The biggest mistake many Sellers make is overpricing their home because a friend/neighbour said it was worth so much more. Unless that friend/neighbour is buying your home, then maybe we need to discuss the correct value after reviewing the Market Evaluation material I will provide you with.
When selling your home, it is common for ALL Sellers to want the highest and best return on their investment and there is nothing wrong with that. The problem is that many Sellers don’t consider all the factors that help determine the price of their home. Some of those factors are interest rates, market conditions, time of year and much more.
There are typically 3 types of markets;
1 – Seller’s market – Simply put when the demand for homes exceeds the available inventory which can cause prices to increase and potential multiple offers.
2 – Buyer’s market – Reverse of Seller’s market where the supply exceeds the demand, causing homes to stay on the market longer and sell for less money over a longer period of time.
3 – Balanced market – The wording says it all, the supply and demand are equal.
Determining and understanding which of these markets we are currently in will go along way to determining the right value of your home. Together we WILL achieve success in selling your home for the best price in today’s market.