When it comes to selling your property, pricing matters. A lot.
Yes, prices are negotiable. No, your property may not sell at the exact figure you list it at.
But still – your initial pricing can affect which potential buyers actually take the time to look at your property, whether or not they’ll consider offering, and how they’ll approach the negotiation. And so it bears repeating: pricing matters.
When you list your property with me, I will work with you to develop a pricing strategy that is suitable to your home. Here are a few tips to help you start thinking about strategic pricing.
Consult Comparable Sales
One of the best ways to determine what your property is likely to sell at is to consult recent sales of properties that are comparable to your own.
For example, if you have a condominium unit that you’d like to list for sale and four similar units have sold in the past three months, you’ve got some excellent data to work with. I’ll help you identify comparable sold properties to use as a starting point for pricing your property.
Be Realistic – And Objective
Recognize what makes your property unique, but also what makes the comparable sales unique.
Returning to our previous example, if you haven’t made any upgrades or changes since your unit was built in 1995 and it has been rented out ever since – but the four comparable sales were all extensively renovated over the past couple of years – then the comparable sales might not be so comparable after all, even if they are in the same building.
I’ll help you identify your property’s strengths and weaknesses, and I’ll get the inside scoop on previous sales. I have ample experience in the Whistler market and know most properties very well, giving you an edge up on getting the real story behind the sale.
Interpret Comparable Listings With a Grain of Salt
The sales prices of properties currently listed for sale can affect your listing to some degree, but keep in mind that other owners may not have priced their property objectively.
If the four recent sales in your building were between $450,000 and $500,000, but your neighbour has her similar unit listed at $750,000, realize that she is not likely to actually sell her property for anywhere close to her listing price – so you don’t want to use her listing as a benchmark for your own.
When a prospective buyer is browsing for properties online, he or she is probably narrowing down the criteria using pricing ranges. Let’s price your property so that it fits into the right range – for instance, if your property is likely to sell between $450,000 to $500,000, it may make sense to price it close to this range. If we price it at $650,000, for example, then you’ll miss out on people who seek properties in the $400,000-$600,000 range – even though these are the exact people who will likely buy your property.
Over the past few years, sellers in Whistler have tended to price high, anticipating selling below ask – but things are changing. Properties are selling closer and closer to the asking price, sometimes even over the ask price, often with multiple offer scenarios. In today’s market, it may make sense to price your property right at the expected selling price, or even below to encourage people to make competitive offers.
Let’s talk – we’ll assess your property’s unique characteristics and the current market conditions to come up with a winning strategy for pricing your home to sell!