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Pricing Your Home to Sell in Calgary 04 Apr 2019

Pricing Your Home to Sell in Calgary

There are many reasons why it is important to price a home correctly in Calgary and to market it properly. This has become more important than ever over the last couple of years.

The most important thing, other than location, for someone looking at your home is price. Without question, the price is your most important sales tool. The period of best opportunity for selling a home in Calgary at a reasonable price is the first four weeks after it is put on the market. Over the last couple of years this number has risen but well priced homes are still selling in a reasonable amount of time. Buyers who have seen most available listings are waiting for just the right house to come on the market. If your house is priced right from the beginning, you are in the best position to attract the maximum number of buyers able to pay the price your home is worth - and to sell your home within your timetable. This becomes even more important if you are building a new home.

If your house is priced above market value, you may get few showings if any with little chance of offers to pay your unrealistic price. You can always lower your price later, but by that time you will have missed many of the most interested buyers and have the inconvenience of keeping your home showing ready.

How Do You Set the Right Price? Arriving at an asking price involves up-to-the-minute research and experienced judgment. Cedarglen Realty Services Inc. o/a Waller Real Estate Group has been working with Cedarglen Homes for over 20 years helping people just like you get your existing home sold before moving into your new home. There are many things to consider such as current market conditions and financing trends, the basic steps include:

  • Comparing your home against similar neighbourhood homes that have recently been sold or are currently on the market.
  • Determine what features make your house stand out among others currently on the market. Buyers are comparison shoppers. Weighing the spending of a reasonable amount of money on cosmetic fix-ups that might enhance the marketability of your house and earn the highest possible sale price.
  • With our experience we can point out any potential deal breakers that you should address before listing your home for sale so you can sell for more money.

The right price is usually within 5% of market value (a constantly changing factor) and usually results in a fair-dollar sale within a reasonable amount of time. As we say, "price sells."

Why is overpricing risky? A price of more than 5% over market value may have these results:

  • Buyers may resist inspecting your home because they can find better values elsewhere.
  • Potential buyers who can't afford the price don't bother to look or make offers.
  • A buyer willing to pay an over market price may have difficulty getting financing. This is even more important with the higher interest rates and Stress Test. Lenders may not approve a loan if the appraisal is lower than the contract price. (The delay from a failed sale can mean missing out on the critical first 30-day marketing period.)
  • Your unsold home will begin to get "stale," as the marketplace assumes there is "something wrong" with the house.
  • To make up for lost time you might be inclined to lower the price below competing houses in order to move it.

Is it Ever Smart to Under Price? Setting a price below market value usually isn't preferable because you may be losing money. If time is more important than money and you need a faster-than-average sale, you may consider setting your asking price to just below what the other comparable homes in your area are listed for to attract the greatest number of prospects. Market value delivers the optimum number of prospects at the best price in a reasonable time. When you're ready to sell your home, take advantage of Waller Real Estate Group real estate expertise to help you price your home to sell.

How a Market Analysis Helps Price it Right. Only a professional market analysis can give you the accurate, reliable foundation you need to price your home right. When you ask Waller Real Estate Group to make a CMA analysis of your home, here is what you can expect:

  • Evaluation of your home's location, lot size, age, size and condition; the number of bedrooms, baths, total rooms; the kinds of extra features you have and any recent improvements you have done.
  • Examination of the condition and appearance of your home's exterior and interior. Waller Real Estate Group can help you determine what repairs or refurbishing may be needed to sell your home at its best price.
  • Review the assessed value of your home, the city tax assessment is not correct and 6 months out of date so can be higher or lower than what your current price will be.
  • Comparison of your home with similar area properties currently for sale and recently sold.
  • Analyse current real estate market conditions and current interest rates trending by Tom Waller a Calgary Real Estate Professional with over 32 years of market knowledge, expertise and negotiation experience.

Following our marketing strategy will mean more profit for you and a hassle-free transaction.

If you would like more information about getting your home ready for sale you can get our Free Guide here or contact Tom Waller directly at 403-803-5151 to schedule your complimentary home evaluation.