Pricing your home accurately is one of the many critical components to a successful transaction when selling your house. Similarly, recognizing when it’s time to adjust the price is equally important. Selling your house, or even listing a property for rent, may put you on an emotional roller coaster. From the financial implications of not selling or renting quickly to market changes or the stress of coordinating the closing with a house you bought, and just the idea of leaving your family home, are all likely to cause some degree of emotional havoc. It’s important to control your emotions when listing your house for sale or rent and rely on your real estate agent to advise you.
From our experience, this isn’t typically what happens. As real estate agents in Milton, Oakville and the surrounding Halton and Peel regions, we often experience two types of situations when it comes to price adjustments in this market. The first is when our clients are concerned about a lack of activity on their property, they get scared and want to reduce the price prematurely and; second is when they arbitrarily hold firm to an unrealistic number while properties around them are selling.
Consider this when deciding if it’s time to reduce the list price of your home when selling, or renting:
When deciding on the initial selling price of your home, or an adjusted price, get rid of personal bias, sentimental value and a personal goal that may exist and look at the facts:
When deciding if it’s time to reduce the listed price of your house that’s for sale, you’ll want to pay attention to what is going on in the market. Consider these things:
It’s important to stay ahead of the competition. Recognize trends and see where the market is going. If you wait too long to reduce your price, you may find yourself adjusting again in a week to keep up. You may be better to price slightly more aggressive in a downward market to stand out against your competition.
We often see people do multiple, incremental decreases of small amounts of money on their home over an extended period of time. Had they of done a more significant decrease the first time, they likely would have caught the attention of somebody and probably sold for more than the end result of doing it the other way.
That pretty well sums it up! There are a lot of things to take into consideration when pricing and doing price reductions. Interview multiple agents and find somebody that you trust and one who will provide guidance –good luck with the sale!
The Kormendy Trott Team was founded in 2011 by Ariel Kormendy and Adrian Trott. The team of two quickly became the 17th highest producing team for Century 21 in all of Canada and have since grown the sales team, added a media department and expanded their service from being real estate agents in Milton to now servicing all of Halton, Peel, Wellington, Hamilton and surrounding areas.
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