The Most Effective Marketing Price
Price is the first thing buyers notice about your property and is therefore the most important factor with regards to marketing your home. If you set your price too high, then the chance of alienating buyers is higher, and you unwittingly help any neighbours, who have their property for sale, sell theirs.
In order to obtain the highest price in the shortest time, your Marketing Price is the most important element!
Pricing and an Effective Marketing Strategy go hand in hand. This will result in the most offers from the current crop of Buyer’s in the shortest amount of time. The better your home is marketed, the more offers you will get. The more offers you get, the more choices you have to get the price and terms you want.
Determining the most Effective Marketing Price involves several steps:
- Prepare a CMA (Comparative Market Analysis) which will reflect the following:
- Recent sales of homes in your neighborhood of similar characteristics
- Just as important as the homes that did sell, we need to consider the homes that did not sell successfully and determine why they did not sell
- Review “the competition” within the current inventory of homes, on the market in your area, in order to strategically position your home
From the CMA, you will learn the difference between the asking price and selling price for all homes sold, the condition of the market (Buyer's/Seller's or Balanced), and other on market homes that are comparable to yours.
Next step is a TMO (Total Market Overview). In conjunction with what we learn from the CMA, the TMO draws in data from the municipality where we see the types of homes that have been selling, where the Buyers come from and other Buyer trends that can help you set your price.
Another important factor is the condition of your home. Make sure that your home looks ready to be sold. You will find some helpful tips in my Getting Ready & Checklist for Photo’s pages.
Condition alone can sometimes prompt fast buying decisions. Fix any defects (peeling or faded paint, cracks, stains, etc.) Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements before selling. A nice looking home triggers the emotional response that can lead to a financial response.
If for whatever reason you are not in a position to affect any of the repairs that may be needed, not to worry, I offer strategic solutions for all scenarios!
