Why the right price at launch matters most, and how a realistic number is built.
Price is the single biggest factor in how quickly a home sells and how much it sells for. Getting it right from day one matters more than any other decision you make as a seller.
The first few weeks matter most
When a home first comes on the market, it gets the most attention it will ever get. Buyers who have been watching the market see it right away, and agents bring their clients through quickly. If the price is right, that early interest can turn into strong offers.
If the price is too high, many buyers skip the home completely. As the days on market add up, buyers start to wonder what's wrong with it, and a price reduction can end up selling the home for less than a realistic price at the start would have.
Your assessment is not your price
Your BC Assessment value is a useful reference, but it is not a market price. Assessments are based on market conditions as of July 1 of the year before, and they can't reflect your home's condition, updates or the details that buyers pay for.
How a good price is built
I put together a comparative market analysis that looks at:
- Recent sales of similar homes nearby, adjusted for size, lot, condition and updates
- Active listings, which are your competition today
- Expired listings, which show what buyers would not pay
- Market conditions, including how quickly homes are selling and how many are available
Think about how buyers search
Buyers search online within price ranges. A home listed just over a common search limit can be missed by buyers who would happily pay that amount. Pricing with search ranges in mind helps more of the right buyers find your home.
Condition and presentation still count
Price and presentation work together. Small repairs, a deep clean and professional photography help your home stand out against others at the same price.
Listen to the market
If the right buyers are coming through but not making offers, their feedback is telling you something. A plan for reviewing price and presentation after the first couple of weeks keeps your sale on track.
Curious what your home could sell for? Request a free, no-obligation valuation and I will prepare a pricing plan for your home.
This article is general information, not legal or financial advice.