How Do I Know How to Price My Home?
Setting the right list price for a home is a mystery for many sellers. How do you begin to determine what buyers are likely to pay for your property? After all, no two homes are exactly alike.
Setting the right price is crucial. You need to avoid the two price “tipping points” that, if crossed, can cause you a lot of problems.
How Low is Too Low?
The first tipping point is a price that’s low enough for buyers to begin thinking something is wrong. They wonder, “Why is your price so low? What are you not telling us about your property?”
"Do not wait to strike while the iron is hot; make it hot by striking!" Poetically said by William Yeats
But that’s not even the worst problem with this tipping point. If you do get offers at that low price, you’ll have a bigger issue – leaving thousands of dollars on the table.
How High is Too High?
The other tipping point is setting your price so high it discourages buyers from giving your listing a second look. When your price is that high, you’ll get few enquiries and even fewer people coming to see your property.
Of course, you can lower your price later, if necessary. But experience shows that reduced prices make potential buyers skeptical. Most sellers who price high in the hopes of getting a windfall actually end up selling for much less than they would have if they had priced their properties correctly in the first place.
Need Help Pricing Your Vancouver Property? I'm Here to Help.
So what’s the right price to list your property? The answer is somewhere in-between those two tipping points.
Contact me today at 604-910-7777 for help determining the right price for your property.