Paul Wrigley from Ray White Real Estate Toronto agrees with this article when it comes to pricing your property. When deciding on a price to ask for your property we need to be close to the Market Value, however, it is important that we start above Market Value so we don’t undersell the property. I say be cheeky with your asking price but not too cheeky and don’t stay too cheeky for too long!!!!
Written by Paul Kounnas Wednesday, 19 September 2012
Have you ever wondered what’s important when setting the asking price for your house?
Only one thing really matters and that is how your house compares with similar properties which have recently sold or are competing with yours for the buyer’s interest.
With the wealth of online information available via the internet today, buyers are better informed than ever before. Most of them will have done their homework long before they enquire about your property, and they will know what the property is worth in the current market in the areas in which they are looking to buy.
Try to keep your personal emotions under control when deciding on an asking price for your property. Your personal attachment has no relevance to the price you place on your home when you put it on the market. This phenomenon is known as the “Endowment Effect”. In contrast to this, don’t allow the stress of wanting to move quickly lead you to under price your home.
Selling your home can be a very emotional experience but it is important that you keep your emotions under control when pricing your home to sell. Think with your head and not with your heart and try to keep your emotions out of the decision.
Beware of adding too much to your asking price simply because you need a certain amount of money out of the sale. It’s also important that you don’t overestimate the value of improvements when setting your asking price.
A competent and professional real estate agent will be able to advise you of the likely range in which your property will sell and provide you with relevant recent sales data of properties comparable to yours to support their advice.
In the end however, your asking price is completely your decision.