How to Price your Newmarket Home in Today's Real Estate Market
Setting a price is key to a successful Newmarket real estate sale. But its tough. Buyers are usually well informed about recent events in the Newmarket marketplace. They select homes by comparison shopping and are keenly aware of subtle differences in features and value. In their eyes, your price must be justified in comparison to other available Newmarket homes.
Obtaining the best return for your property requires competitive pricing from day-one. A home should be priced according to recent market data comparisons.
There are a number of factors that influence the value of your Newmarket property:
- Prior Sales
- Market Conditions
Competitive Market Analysis
Taking these factors into account, we will prepare a competitive market analysis to reflect the current market value of your Newmarket property. It includes an examination of your property as well as a study of competitive properties currently on the market and those that have recently sold. This information helps you to properly position your property.
No Newmarket Realtor can control market value. The selection of a Newmarket listing agent should be based on their service, fees and reputation, not on their estimate of market value. It is the 'invisible hand' of the market that determines the sale price you will ultimately achieve.
Competitive Pricing vs. Overpricing
First impressions are lasting. A Newmarket house realistically priced and properly presented from day-one offers the best opportunity for you to sell quickly and obtain the best price.
Qualified buyers and their agents have been looking in the Newmarket area and waiting for a suitable house at an appropriate price to come on the market. If reasonably priced, it is possible your Newmarket property will sell quickly to waiting buyers.
Competitively priced properties encourage reasonable offers, pleasant negotiations and a smooth closing.
Overpricing costs in terms of money, disappointment, and missed opportunities. If the price is too high , buyers may not even look at an otherwise attractive property.
An overpriced Newmarket property can go stale after the important first few weeks when the home is new on the market and getting the most exposure. Then, when the price is adjusted at a later time, the house is often overlooked.
If you were able to arrange a sale for substantially more than comparable Newmarket properties it may fail to close through difficulty securing an appraisal and mortgage financing.
Contact me 905-836-1212 to sell your home fast and for the right price.