Pricing a home is not easy. There are a lot of factors that could ruin the accuracy of your home’s price and once you get it wrong, it could mean having the property sit for weeks on end in the Edmonton MLS. Ouch!
Being one of Edmonton’s top real estate specialists, Team Leading Edge would like to share with you 3 simple ways on how to get the correct price and save you time and effort along the way.
- ANALYSE SIMILAR HOMES THAT ARE IN THE EDMONTON MLS & HOMES THAT HAVE BEEN SOLD IN THE PAST 30 DAYS.
This is where your journey should start. Begin with a data check of all homes with similar specs as yours (as much as possible it should be similar number of bedrooms, bathrooms, square footage, etc) that are currently being sold in your neighbourhood. 5 sample homes should be good enough. Take note of all the listed prices and average it out.
Do the same activity with homes sold in the past 30 days. Take 5 and average the prices out. After you have done this activity, you should have 2 figures that show the current and previous “average home price”.
This analysis will give you a good feel of what your home is initially worth.
- DON’T FALL FOR GREED.
Once people have an idea of what there homes are worth, they sometimes fall for greed. They want to squeeze every penny out of it so they overprice.
In the real estate market, this is basically suicide. You’ll be listing your home in the MLS and have it to rot. Overpriced Edmonton homes don’t sell. It also doesn’t help that the Edmonton market is in a Buyer’s Market Cycle. This means there are more sellers than buyers. If the demand is high, potential buyers will skip your home and move on the next similar one (that’s not overpriced!).
- USE THE SERVICES OF A SPECIALIST.
It’s foolish to think you can save money buy going Rambo and opting to do a For Sale By Owner (FSBO).
We’ve discussed in detail why FSBO is destined to fail, you can read our posts here Edmonton Homes Reality Check! 2015 FSBO Is A Failure, Here’s Why and here Edmontonians, Why Not To Go FSBO
Selling a home is a complicated matter. There are processes that should be followed every step of the way. Realtors exist for this sole purpose…to help buy and sell properties. An experienced team of Realtors can make your selling venture a pleasurable one. A seasoned Realtor for example can dig into data that are not accessible to the public and check all the listings that’s being sold in your area. A seasoned Realtor would also have good knowledge of your community’s real estate trend so s/he can help piece together a price that’s beneficial to you.
Working with a Realtor is the last piece of the puzzle; just don’t go with those ones that say they “list for the highest price”. If you hear or read them say this, then it’s best to find somebody else.
Don’t worry. There are a lot of people like you that are clueless on how they will get the correct price for their homes. We hope these 3 points that we raised will help you achieve your goal.
Remember, when you’re ready to sell, Team Leading Edge will be ready to help you.
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Note: you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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