How Much Will My Home Sell For?
There are several factors that determine what a home may sell for. They are location, the condition of the home, the timing of the market, how the home is marketed and the price you list your home for. Let me explain a little further.
Location
We have all heard the same thing "Location, Location, Location". The location of the home is one of the factors that will determine the selling price of the home. Unfortunately this is the only factor which you can't do anything about unless you physically move the home to a different neighbourhood.
The location doesn't have to be hundreds or thousands of miles away to see a significant range in the selling price of a home. One part of Mississauga may have an average selling price for a 3 bedroom detached home to be 350,000 while another may have an average selling price of a 3 bedroom detached home to be 500,000.
Condition of Your Home
The condition of your home is another factor that will affect the selling price of your home. Fortunately you can do something about this to sell your home for more. You do need to be careful to not spend your money doing improvements and renovations that have very little or any payback. Spending $ 10,000 on landscaping may only get you an extra $ 3,500 on the selling price of your home. Contact me and I can show you the renovations and improvements that have the highest return on their cost.
You can dramatically improve the appeal of your home by staging your home. This will be the most cost effective way to increase the selling price and length of time to sell for your home. I pay for a professional to complete a staging assessment of your home for my clients because it helps the home sell for more and it helps me sell it faster.
Timing
When you sell your home is a factor that will affect the selling price of your home. Whether it is a rising market versus a falling market or it's the spring market versus the winter market there may be small or large ranges in the selling price of your home. Contact me and I can show you the statistics that you may want to consider. For some people the timing is not a choice, they may need to sell now due to a job change or transfer.
Marketing of Your Home
If you want to get the best price for your home you must attract the most number of buyers. The listing sales representation of your home pays for almost all of the marketing costs of your home. It is critical to hire someone who has an extensive marketing plan. It is unbelievable in today's market that some agents don't even have their own website! The vast majority of buyers today look on the internet when searching for a home to buy.
Price
The listing price of a home is the most critical factor in determining the selling price of a home. It doesn't matter if it is the nicest home in the nicest neighbourhood in the best market, if the price is way too high it won't sell. If a home is way over priced you could put it on the Tonight Show with David Letterman, it still won't sell at that price. Pricing is very strategic and should be done with the help of a professional. Having a strategy of pricing the home high and then later reducing the price, almost always results in getting less for the home then pricing it correctly at the start of the listing. Even if a home is run down and in a poor market, if the list price is set correctly, it can still sell for close to the list price.
Do you plan to sell your Mississauga home soon?
If you would like get a report showing what your home will sell for click here.
