Having knowledge of the truth is the best tool for Edmonton home owners to sell fast. Today, we discuss 3 home pricing myths that still persist in the community and hope that we put an end to it.
LONGER WAITING TIME = BETTER OFFER
“A good offer will come if you wait long enough”.
That’s complete BS. In the contrary, the longer a home lingers in the Edmonton MLS, the worse the offers would get. If an Edmonton home stays for 60 or more days, potential buyers will have doubts as to the quality of the property.
A good home sells fast, a bad home sells for longer. It’s as simple as that. Properties that sell in less than 30 days after being listed in the Edmonton MLS usually sell for a more profitable price.
Serious home buyers also ask their agents for the amount of time the property have been listed in the market, the main reason for this is to gauge the probability a seller will be willing to negotiate (ouch!).
Price the home properly, repair and prepare the home for open houses, this will dramatically increase your chances of selling the home fast!
QUICK OFFERS = HOME PRICE IS BELOW FAIR MARKET VALUE
“Quick offers signify that your home is priced too low”.
That is false. Once your Edmonton real estate agent (Team Leading Edge, eh?) list the property in the Edmonton MLS, it is guaranteed that it will get a lot of exposure. On a daily basis, hundreds or thousands of potential home buyers will browse through the MLS.
A correctly priced home will attract many buyers and the offers will start pouring in immediately. The more offers you get, the higher the chance that you’ll get the most money out of the property. Let the buyers compete and bid it out among themselves.
A reliable real estate agent will help you price your home effectively.
If you’re still having difficulty choosing an agent, this resource could help: 4 THINGS TO DO WHEN SELECTING AN EDMONTON REAL ESTATE AGENT
WAITING FOR MR. RIGHT BUYER
“Will wait for the right buyer to come and sell the home for the best price”.
C’mon, snap out of it! This could not be further from the truth. This is very much alike with the first point we discussed but puts more importance to the person buying the property.
In the real estate industry, it’s very rare that a buyer will buy a home for above its fair market price. In 2016, we doubt there would be anyone in their right mind to do just that. Two factors as to why. First, the Edmonton real estate market have already entered the “Buyers Market Cycle”, this means there are more supply than demand. Second, the country is experiencing economic difficulty because of the oil crisis. It’s not financially practical to spend more than one needs to.
Home pricing is not easy but the possession of the knowledge we discussed here will help guide your future decisions. The team publishes weekly Edmonton real estate market reports, you can subscribe to get weekly updates.
Realistically, you will need seek the help and expertise of an Edmonton real estate specialist to pull it off perfectly. Team Leading Edge is here to help. Dial 780-634-8151 whenever you’re ready to sell.
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