How to Choose the Right Price if Selling Your Home/Property

An article entitled "How to Price Your Home for Sale" offers advice from the Ontario Real Estate Association (OREA).

The "right list price" for your house or condo may "lead to a timely sale and maximize your investment". A strategic approach based on "precise numbers" when picking a property's sales price is recommended. According to Costa Poulopoulos, "the right list price is the first step to getting buyers to look at the house, and if the number is too high or too low you can attract unrealistic offers."

The article refers to a study from Psychological Science. The study discovered "that sellers received offers closer to their asking price if the figure was precise, for instance $299,500, versus a round number like $300,000."

The Ontario Real Estate Association recommends the following steps in relation to pricing your home:

have your realtor review sales of similar houses in your neighbourhood. Properties that are different sizes or in different parts of town may give you a false idea of your property's worth;
discuss with your realtor factors such as mortgage rates, nearby schools, and access to transit and how these factors can create interest in your listing; and
get the price right the first time. Each time the price is lowered, you may make your property appear unsellable and offers may come in far less than what you wanted.

For more information on how to price your home, the following titles may be of interest to you: