In recent years, real estate has become very unpredictable. The world is more interconnected than ever, and events in faraway countries can cause a shift in the market here. As a result, conditions can quickly switch from favouring buyers to sellers and vice versa. 

Whatever happens in the market, setting a compelling price point is essential for selling your home. This is also one of the trickiest things for homeowners to do, especially after living in one place for a long time. In this post, we’ll talk about how you can cut through the clutter and determine a price that helps lead you to a successful sale.

Don’t Let Your Emotions Run Away With You

Asking a homeowner about what their place is worth is a lot like asking a job candidate what salary they’d like. How do you answer that? Your emotional attachment to your home makes it difficult to pinpoint its monetary value. And no dollar amount seems like enough when you have mixed feelings about selling in the first place. 

Taking your emotions out of the equation is no easy task, but it is critical. A successful sale doesn’t depend on how you feel about your house, but how your potential buyer feels. 

You don’t want to set your price too high, but you can’t lowball yourself, either. The right price is the one that intrigues buyers while maintaining fair value for your home and that works in the current market. It’s never based on a guess or wishful thinking, but is instead the result of careful analysis and planning.

Looking for even more selling tips? You may enjoy The Secret 10-Step Formula For Pricing Your Home.

Bring in an Expert

You don’t just have to be objective about the value of your home. You also need to be current with what’s happening in the market and have an understanding of what the numbers mean. It’s a tall order for someone who doesn’t buy or sell real estate on a regular basis. 

That’s why you will typically get the best results by consulting with a local expert with a pulse on today’s market. 

An outside expert will also keep you grounded and realistic about the value of your home so you can set a price that captures the attention of qualified buyers. It all begins with an honest assessment of where your home stands as it is today.

Schedule Your CMA

Many real estate services are happy to provide you with an estimate of your home’s value, also called a CMA (Comparative Market Analysis). This entails going over your house with a fine tooth comb, factoring in the square footage, the number of bedrooms and bathrooms, location, and other attributes. Then, the agent will see how much similar homes are selling for. But setting the initial listing price requires more than just knowing the numbers; it’s knowing what they mean and how to analyze them.

If you book a home evaluation with Willows Realty Group, you can be sure we are using the latest statistics, along with relevant details that a casual layperson and even many real estate agents wouldn’t think about.

Yes, we look at the age, size, and location and how your home fits into today’s market. And while the stats on real estate boards are there for all to see, we have access to members-only information that allows us to go even deeper. 

Specialized insight into the community and what developments may be coming up can impact the value and desirability of your house. We analyze every detail to come up with a price point that gains as much interest as possible from potential buyers. 

Are you ready to uncover your home’s true value in the current market? Book your free home evaluation here. 

Why You Can’t Just Guess

As you can imagine, you can’t just hit the market with your best guess of what your home is worth. Nor should you use outdated information or even the recommendation of friends or relatives who have recently sold a house. This is a mistake many homeowners made in the aftermath of the hectic pandemic market when prices rose rapidly before undergoing a correction in mid-2022. 

A home evaluation from several months or years ago no longer tells the right story. Accurate and up-to-date information is critical if you want a successful sale at the highest possible price.

Overestimating the value of your house means buyers could lose interest. Set it too low, and two things could happen. 

  • You may find buyers are VERY interested, but you don’t earn the full value of your home. 
  • People may worry that your price is “too good to be true” and move on to a more appropriately priced home. 

In short, you might say that getting the price right is about establishing trust as much as it is about generating interest. 

Are you planning to “rightsize” your home in the next year or two? Here are some ideas to ponder:

Can You Increase Your Home’s Value?

This is the eternal question of all home sellers everywhere! The good news is there are many things you can do, big and small, that could have a positive impact on your final price. Booking a home evaluation can uncover several areas of improvement, but it depends on your individual listing. 

  • A home that is relatively new or has been meticulously maintained likely only needs a few minor touches.
  • Some older houses could use a few upgrades, particularly in the kitchen and bathroom.
  • Every home should be scrubbed and decluttered top to bottom before going on the market. Sparkling clean surroundings mean that there are no distractions when potential buyers visit in person. 

The first step is to create a plan for what upgrades you intend to make. Some renovations can help you earn more money, but you might not want to endure months of construction to make it happen.

How involved you want to get is a decision only you can make – with the help of a local real estate agent, of course! You may even be able to hire contractors to do it all so you can reap the benefits without doing the work yourself.

Staging: The Final Piece

Your home decor is a reflection of your personality and individual style. As unique and tasteful as it may be, your potential buyer has a different vision. That’s why you may want to rethink your design before putting your home up for sale. Staging means arranging the space in a way that allows the buyer to use their own imagination for what your home could be. 

  • It can be as simple as removing some personal photos and rearranging the furniture. 
  • Or it could be a complete overhaul of each room in the house. 

The key is to do everything in your power to appeal to potential buyers without any unnecessary time or effort. That’s one more reason to consult with a local real estate expert before your house hits the market. With the right guidance, you won’t just know the value of your home. You’ll have a crystal clear plan of how to make the most of your sale. 

Do you have questions about selling your home in the market today? We are happy to point you in the right direction. Contact us at team@willowsgroup.ca or call 1.888.926.2066 to take the next step.