Home Evaluation & Pricing
More often than not, the first factor to consider when placing your home on the market is at what price point to position it.
Sales price is the single most important factor influencing the appeal of your home to prospective buyers, so it’s an issue that must not be taken lightly. Underpricing is like throwing money away, but overpricing can end up costing you far more in the long haul by turning away prospective buyers and giving your property a negative reputation. Your skilled Realtor will use all the tools at his disposal to help you achieve the maximum selling price for your home with the least possible inconvenience to you.
I will meet with you to view and evaluate your property, while also sitting down to discuss your motivations and goals for selling. Our entire marketing strategy will be heavily dependent on understanding your needs and timelines, so it is of utmost importance that we clarify these terms right from the outset. By investing this time upfront, we can ensure that we are working towards a common and consistent goal that best advances your interests on your timeframe.
Comparative Market Analysis
While many Realtors stop at providing a comparative market analysis (CMA) of your home based on listing prices of similar homes in the area, frankly stated, this does not go nearly far enough. Historical data show that it’s far more important to understand what similar homes in similar condition are actually selling for — not only what the owners are asking. That’s why I combine actual market data of active/sold/expired/cancelled/terminated listings, trend analysis, and years of industry experience to formulate a comprehensive picture of the value of your home in today’s market. Using imperfect data sampling techniques will only yield imperfect conclusions. That’s why it’s important to have a Realtor who’s willing to do the extra research to uncover the whole truth about your home’s value.
Sales prices for homes in Metro Vancouver are increasingly swayed by local, national, and even international forces. Now, more than ever, understanding local real estate trends requires appreciation of issues extending far beyond the neighbourhood. To ensure that my clients are always one step ahead in preparing their home for sale in today’s (not yesterday’s) market, I actively track market technical indicators including listing/sales data, interest rates, listed vs. sold volumes, housing starts, migration statistics, and rent-to-buy ratios. By carefully considering this data, we can work together to formulate the best strategies for marketing your home for sale in any market conditions.
When viewing homes, the first factor buyers often consider is price. On average, these buyers view a dozen properties before making an offer. As a result, they have a good grasp of the market conditions and will intuitively know how your home compares to the competition.
Overpricing your home by as little as 10% over fair market value can effectively eliminate 70% of potential buyers, so it’s crucial to position your home’s pricing correctly right from the outset. Buyer traffic through new listings typically peaks around the twentieth day of the listing, meaning that the window of opportunity to attract serious, qualified buyers is limited. Statistics show that overpricing a property — even by a small margin — in almost all cases nets the sellers less money in the end and results in a protracted sales process.
Be aware that some agents might try to entice you to sign a listing agreement by providing unfair and unrealistic expectations of your home’s value. These individuals unfortunately are not safeguarding your best interests and clearly value “getting the listing” more than maximizing your returns. Price reductions are sometimes necessary due to changing market trends, but an inflated listing price is almost always detrimental to your bottom line. Be wary and question your agent’s recommendations if things appear too good to be true.
Our experience and market focus ensures you have the right facts, knowledge, and skills behind you to be confident in your selling choices. Everyone deserves to get the most for their property, but unfortunately, there are many cases where this doesn’t happen. While it’s easy to be wooed by flattering numbers that appeal to the emotions, but not to logic, home sellers succeed when they are supported by a Realtor that understands them as individuals and is committed to fulfilling their best interests.