Pricing Your Home So It Sells

Our goal in working with you is to help you sell your home at the best possible price and terms. We ensure all the important details are handled and you are well informed throughout the process.  To do this we offer our clients the following:

Local Expertise:

We have in-depth knowledge of the local real estate market. We can provide advice on how to price your home based on the comparable homes in your community that are currently for sale or recently sold.

Community Profiling and Benchmark Pricing:

Taking a deeper look into the community itself, breaking the product down into either detached homes, attached, or condominiums we can further see the trends for average days on market, absorption rates, benchmark pricing and month over month vs. year over year trends.  In this example we are looking at the detached home sector of Bridgeland/Riverside community with 13 month history, 10 year benchmark price history and comparing it finally to the City of Calgary home pricing over the last 10 year period.  We are also seeing the Active and Sold properties, Listing Absorption Rates, Average Days on Market, and related data.

 

Want a market report just like this one, made for you, specific to your community?

I love compiling data, creating reports and helping people better understand the real estate market and current trends to better understand the value of their homes.  Reach out, fill out the contact form and in the box that says how can I help you? Enter your community name, the type of property you have (Attached, Detached, or Condo) and a quick note telling me you’d like me to send you a community market report.  I’ll have it off to your email in a flash!

Additional Information on Pricing Strategy:

We believe your home needs to be priced properly to be competitive in the market, without leaving any of your hard earned equity on the table.  We take pricing your home seriously and dig deep into the analytics of what your home could potentially list and sell for.  Charting and mapping market activity gives us insight into what proper pricing may be. We do this based on currently active properties for sale and those that have recently sold.  Having a quick reference to the recent sales and comparing the number of bedrooms, bathrooms, days on the market, total square footage, listed vs. sold price and date they sold helps us further clarify our pricing strategy.

 

Utilizing sold prices of similar homes in the area is of more importance to us when establishing value.  However, it is important for us to consider the other active properties for sale when determining what the best listing price should be.  If there is a high amount of competitive product actively for sale at the time we may need to consider a listing at the lower end of our range.  Conversely, if your property is the only one available that meets the a specific set of criteria, it may be better to start at the higher end of the price range.

Geo Mapping and Making Adjustments:

When comparing to current home listed for sale and those that have recently sold, it is important to adjust the reflected price based on several key factors.  Location is a big factor that always plays a big part on pricing a home and how we position it in the market.  Homes on cul-de-sacs, backing green space, or with nice views demand more.  Homes on busy streets, facing multi-family, or close to power lines typically sell for less.

Economic Factors:

We always weigh out any economic factors that may relate to our adjustments when considering the pricing strategy.  For example, was oil lower or higher than it is today when we are comparing to sales data from 6 months ago?  What about the unemployment rate? inventory levels? GDP? Overall economic outlook, were these similar at the time of the sales we are comparing to?

Other Considerations:

With every price analysis we need to make further adjustments for other key factors that include, developed space, lots size, price vs. total square footage, finishing and upgrades, landscaping, home direction (south backyard?) among others.

 

Need Help Pricing Your Home, Condo, or Acreage For Sale?   Schedule a call with Mike Star to look over all the key factors and formulate a pricing strategy that is reflective of your property and the current real estate market, without leaving your hard earned money on the table.