Before you can begin to know what your home is worth, you should do some research, bearing in mind the following:
An analysis of what homes have recently sold for in your neighborhood is NOT enough to help you properly price your home. A quick scan up and down the street at the prices of homes that have recently sold will give you a starting point. However, this is not nearly enough for you to base your entire pricing strategy on. It is most important for you to understand how buyers look for a home.
Go back in your memory and think about how you conducted your house hunting search to find the home you are now thinking of selling. You most likely did not confine your search to a single neighborhood, but perhaps you looked in different neighborhoods or areas in order to find the home that best matched your needs and desires.
The prospective buyers who will be viewing your home, will conduct their searches in a similar manner. That means they will be comparing your home to, for example, brand new development homes, century homes, 10-20 year old homes, etc. They will also consider different locations such as homes in established neighborhoods, the middle of town, the suburbs or possibly even country properties. Each home will have a different look and feel and it's quite possible that a prospective buyer might consider all of these variables in the search for their home.
You can see that, when you're selling your home, you're not just competing with the home around the corner, but also with all homes in other areas which have the same basic characteristics: i.e. number of rooms, overall living space, features and extras, etc.
Clearly defined objectives when selling:
v To sell your home for the highest possible sale price with the best terms and conditions and the least amount of inconvenience to you.
v To use the best and most effective methods of exposing your property to as many qualified buyers as possible, until it is SOLD.
Prepare details of your home:
Prepare a comprehensive personal market analysis to establish the most effective asking price.
Make recommendations on your home to make it more appealing and get you more $$.
Take the time to fill in all the intricate details, features and extras of your home on the MLS listing to make it as appealing to all the other 20,000 plus agents who have access to the listing. It would be great for you and me if I could sell all my listed homes myself from inquires off the for sale sign, the internet or other marketing and advertising, but the reality is that most homes sell with the buyer coming through another agent. Thus we want your MLS listing to stand out and be appealing to the agents that look through the thousands of listings!
Broker load all pertinent data on the system so that all Agents that are members can be aware of your property immediately (if listed with the Multiple Listing Service).
Create custom high Quality Colour feature sheets, to hand out to prospective buyers and their Agents.
Put up a "For Sale" sign, the 24-hour silent salesperson.
Equip your home with a secure lockbox so it is accessible for showings.
Send or fax for a written confirmation of your mortgage details.
Schedule the Agent's Open House on the appropriate morning at your request.
Take digital colour photographs of the interior and exterior of your home and produce a high quality "on-line" feature sheet on your home stressing all the highlights, features and extras of your home.
Create high quality colour promotion flyers of your home. Your home feature sheets will be easy to read and include exterior and interior photographs. Also included will be local school information and room measurements, a copy of your survey and a floor plan if available.
Feature your home on the mls.ca website. When your home appears on the public MLS sites, it will have a Virtual Tour button linked to all the photos and extra information about your home. This improves quality buyers coming to your home before our competition.
Promptly schedule all appointments through our sales office.
Follow-up on all Agents who show the property to get feedback and to see if there are any things the agents may have missed, ideas or misinformation or objections that I can help the purchasers overcome.
Report feedback to you so you know what the prospective buyer's and Agent's observations and reactions are to your home.
Keep records of all activity on your home and periodically provide you with a Marketing Report.
Follow-up on all Agents who have indicated that they have registered a potential buyer for your property.
Focused, strategic, target marketing sells homes!!
" A w A well calculated marketing strategy is crucial for the sale of your home in today's competitive market.