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How to Price Your Home For Sale

Jim Pauls Real Estate - How to Price Your Home For SaleChoosing the right list price for your house or condo can lead to a timely sale and maximize your investment, so real estate experts recommend a strategic approach based on “precise numbers” when picking a property's sales price.

“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,” says Costa Poulopoulos, president of the Ontario Real Estate Association (OREA).

A study from Psychological Science compared house listings to what they sold for and 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.

“A Realtor will often recommend a precise number after evaluating the home's worth,” Poulopoulos continued. “Buyers will perceive it as closer to the value of the property than one that's rounded up to the nearest ten thousand or hundred thousand dollars. To a buyer, an 'exact' listing appears as if the owners put more thought into the evaluation.”

OREA recommends taking these steps to choose the right price for your home:

• Have your Realtor review sales of similar houses in your neighbourhood. Don't compare to a property that's a different size or in a different part of town since this will give you a false idea of its worth.

• Discuss with your Realtor factors such as mortgage rates, nearby schools and access to transit and how this can create interest in the listing.

• Get the price right the first time. Each time you lower the price you make the house seem unsellable and offers will come in far less than what you wanted.

More information is available at www.wedothehomework.ca.



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