How To Set Your Asking Price
The objective is to find a price that the market will bear but won’t leave money on the table. Your Agent will present to you a detailed market analysis. He will look at the Ottawa market, trends in the local economy and then will focus on your neighbourhood to see recent sales as well as current, cancelled and expired listings.
You want to get your house sold and/or make money on the sale. Think about a price that will encourage immediate buyer activity (i.e. fair market value). The longer a house sits on the market, the less likely it is to sell for the original asking price.
As difficult as it might be, you must be objective with regard to pricing your home. No matter what you think it is worth, the important question is what buyers are willing to pay for it.
Keep it simple and make it easy for buyers. Remain flexible about showings. Where possible, avoid conditions on the sale. Though you may have a preferred move-in date, don’t risk losing the sale over this. Your agent can provide you with options to make for a smooth transition between homes.
Once your home hits the market, if you aren’t getting showings – and lots of them – you and your Agent MUST sit down to figure out why. It is usually either that the price is too high or your home doesn’t show well (poor photos or the home is in poor condition).
Listen to your Agent. They have done this before. They have no emotional attachment to your home so can be completely objective. They do, however, have a vested interest in the sale – your satisfaction and potential future referrals!