Fair market valuation
Real estate is a highly competitive marketplace. The ideal situation is a home that has been given thorough exposure to the market through advertising (Realtor.ca, etc.) and for which a motivated buyer and a motivated seller agree on a price through negotiation. In real estate, this is considered proof of “fair market value” and it’s the goal that we work toward.
If a home is overpriced, the market may ignore the listing because it’s easy to find comparisons that offer better value to the buyer. A home that is priced only 5% over fair market value may take a long time to sell and may eventually sell at a discount. If a house is on the market for a long time without a sale, the market may perceive it as having problems.
If a house is underpriced, it will sell before it has received proper exposure which is generally considered as a time frame of 30 to 60 days. That has changed in recent years as many properties sell within weeks or days of being listed, due to higher demand from buyers. A home that sells within a week or two is not necessarily underpriced: the market may be very hot and all homes may be experiencing the same time-to-sale. Ask us for an estimate on time-to-sell in your area and for your property type.
Benefits of an accurate valuation and asking price
- Your property sells faster because it is exposed to more qualified buyers
- Your home doesn’t lose its “marketability”
- The closer to market value, the higher the offers
- A well-priced property can generate competing offers
- Real estate professionals will be enthusiastic about presenting your property to buyers
There is a methodology
A REALTOR® has access to recent sales and tax information that will help price your home competitively
A home that is priced right will sell faster and for more money
Changing markets demand a professional comparative market analysis and accurate pricing
Find Out What Your Home Is Worth
For a current market analysis of your home please feel free to take advantage of a free home evaluation.