When you sell a home in Montreal, you obviously want to receive the highest possible price for it. But just as you don’t want to set the price too low and lose thousands of dollars, you also don’t want to set the price too high and scare off potential buyers.
There are proven methods and strategies for this, and we’ll share them with you in this article. Read on to find out how to determine the selling price of your property.
Know your market
Do a little research to find out what comparable properties are being advertised for in your area. Find out about seasonal trends and, if you have the time, advertise your home in the month of the year when prices are usually higher. Take a look at what homes are for sale on real estate websites, and also check Kijiji and the streets for properties put up for sale by the owner.
Also note how long the properties have been advertised for sale.
If a house has been on the market for a while, it’s probably because the price is too high. Don’t forget the principle of supply and demand; if there are a lot of properties advertised for sale, buyers will be at an advantage.
You can also ask a real estate agent for more information with a comparative market analysis (CMA). Many agents will be able to give you a free quote, as this is a marketing technique for them. Applying for ACM should never place you under any obligation to the agent. In fact, this agent might even have a potential buyer on hand, who knows?
Being realistic
You may have a price in mind that you’d like to achieve for your home, but you need to make sure that it’s realistic. Buyers want to save, and depending on the market you’re in, they may have several options.
Buyers want to find a good deal and buy a cheap property just as much as you want to sell at the best price. The trick is to find the right balance. The last thing you want is to set your price too high, then find yourself having to lower it again and again.
In fact, any price reductions will be visible to your potential buyers and their agents. Repeated price drops can make you look desperate, or even lead people to believe that there’s something wrong with your property. In general, we advise all sellers to limit themselves to a single price cut, if necessary.
If you want to be sure that your price is appropriate and realistic, hiring a professional appraiser could be an excellent way to achieve this.
Ask others for their opinion
In addition to asking your agent for a detailed ACM, you can ask friends, neighbors and family members how much they would value your property. Ask them, and find out how much they would be willing to pay for a home like yours.
Receiving a number of opinions from all sorts of people could help you to define the right balance, as well as enabling you to come up with a few selling points you hadn’t thought of.
It’s not just about the final selling price
You could offer a lower sale price, in exchange for which the buyer will be responsible for closing costs. In other situations, you may receive your asking price, in exchange for leaving your furniture and appliances there for your buyer.
You’ll find a certain power in negotiation that will enable you to find a middle ground that suits everyone. If you’re strategic, you’ll certainly be able to find a price that suits all parties.
