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The common mistake which causes many properties to sit on the market is that belief that if the home does not sell for the asking price immediately, you can attract purchasers later by lowering the price. The problem with this tactic is that your house may never be shown to some buyers because they have already signed on a better priced house. You may also quickly find yourself facing time and financial constraints that force you to have to drop the price dramatically.
The temptation to over-price a home with the intent to command a high price is in reality only feasible in a booming real estate market, and is still a precarious method because there can be a downtown in the market before you sell. Because the first month on the market is when a house gets the most attention, having it sit for three to six months because of over-pricing can put your house in the “stale” category that many purchasers and Realtors often dismiss. Even in sectors with rising inventories and stable values, simply getting viewings for an over-priced property may still be difficult.
To establish the accurate price for your house, meet with professional real estate agents and look at newspaper ads to create a realistic average price for properties in your area. Although you can find lots of regional real estate information on the internet pertaining to Brampton property only an expert realtor will know about neighborhood particulars. Another helpful strategy is the “average days on the market” which you can determine by determining at what price houses begin to lose momentum and fall to the bottom of the listings. You should know that quotes from real estate agents may be high since their fees are based on the selling price and they could be taking a gamble that your home may move rapidly.
If your house has not generated a number of visits the first number of weeks it is listed, you most likely have priced it too high. Real estate agents are not willing to waste their buyer’s precious time on properties that are out of their price range. It is best to lower the price rapidly instead of holding out for for a potential “lucky break” because potentially lucrative offers may slip through your hands. This could help save you time and get you a higher price with downtown Toronto condos since you may find yourself selling alongside new condominiums buildings in the close by.
Also remember that you are going up against low-priced houses that are in foreclosure or being sold to pay for delinquent taxes. Many of these properties are in financial troubles due to the homeowner stuck to an overinflated price and could not move their home. You should remember that bargain shoppers are also interested in “fixer-uppers” that can impact the overall neighborhood average so that over-priced homes hold little appeal. In places such as Barrie real estate you should consider that buyers may be looking for more affordable homes so overpricing a home could be a disaster.
Real estate experts have come to realize that the possibility of initiating multiple offers are much higher on a lower priced home than an inflated one. They realize buyers are often uncomfortable about trying to negotiate a price down, but happy to battle with other hopefuls for lower priced homes by presenting more than the list price. As with any purchase, buyers like the idea they are finding a bargain, and smart real estate professionals advise their clients to not risk their house sitting for months with a price tag too high, however attracting attention rapidly by providing them a very appealing listing.
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Contact the Jeffrey Team for more information - 416-388-1960
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