In addition to location and condition, the asking price of a home is at the top of the list of important considerations. When a potential buyer is looking for a property, they want to get the best possible value for their dollar. This doesn't mean that a home should be priced too low, but it does mean that knowing how to price your home is a must.
Regardless of whether Calgary is in a buyer's market, seller's market or balanced market it's important for every seller to know the actual value of their home with the help of a professionally prepared Comparative Market Analysis. With this information, you will be able to choose a listing price that does not exceed the home's value which is based on comparable homes that have recently sold in your area. At the same time, you will know how to react to various offers that a potential buyer may make. If you can select a price that is affordable to a range of buyers, you may receive multiple offers thereby sparking a possible competition among the interested parties.
The asking price that you choose should not be based on an appraisal alone, but rather a combination of factors. One such factor is that of recent selling prices for comparable homes in the area known as “comps.” Important comparisons include construction year, square footage, views (if applicable), interior upgrades and additional features that make the home unique. While you're doing research, check out current listings and the asking price for each home available in your area.
In researching the sale price for other comparable homes in the area, you should also note the length of time a particular house has been on the market. Some homes practically sell overnight, while others may remain on the market for months without being sold. If you want to sell your home quickly, you should consider this when setting a price. A bargain will obviously move quicker, but it's important to make enough from the sale to feel good about your choice. If you aren't in a hurry to close, talk with your Calgary real estate agent about a fair starting price that's at or near the appraised value of your home.
While you hold the key, so to speak, to your house's actual asking price, most sellers will ask their real estate agent for their opinion. After all, real estate is their business and they will be working with you through every step of the process. If you choose a real estate agent that you trust, give great consideration to the advice they offer.
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