WHY IS IT IMPORTANT FOR YOU TO PRICE YOUR HOME PROPERLY

As a real estate Broker of many years I have learned to respect the vendor's expectation of home value. My belief is that if you honestly asked any vendor what they think their home is worth, before you show them your objective opinion, they will be very close to market value.

In todays Information Age we all are much more educated on most everything than we had ever been. Let's face it, most sellers talk to their next door neighbours and find out what they sold there home for last month. Unfortunately, their neighbour sometimes exaggerates there selling price by off-handedly suggesting that they got their price. Thus, the information might not be accurate.

So to get an accurate Market Value the vendor/seller relys on their real estate agent's professional evaluation of their home. When the agent uses the Comparative Market Value Approach to value, the vendor can easily relate as it shows what 5 homes sold in his neighbourhood for in the past 6 months to a year.

Now that the vendor is armed with an objective opinion of market value he is ampily prepared to price his property at market value.

The value of pricing his home at market value is crucial for the following reasons;

(1) The highest and best price is usually realized in the first 2 to 6 weeks of the listing's exposer on the market.

(2) If property is over priced it will stay on the market for a longer time and buyers will believe there is something wrong with it. Thus, the vendor will have to start reducing the price.

(3) Lots of times, over priced listings lose the best market time (Spring) for selling when the buyers are out in force and anxious to buy.

(4) Vendors will be able to tell if their home is over priced as their next door neighbour's homes will be selling all around them.

(5) Lastly, vendors need to keep in mind why they are selling in the first place, because some reasons for selling and moving on can be a lot more important than getting an unrealalistic price for their home.

So, sellers, hopefully, after reading this you will be successful in marketing your home for;

(a) The highest and best price.

(b) In the shortest possible time.

(c) With the least inconvenience to you, the vendor.

Wishing you all a successful selling season in 2010.