If you were to ask a Chatham-Kent home owner to put a value on their home, they would likely tell you it is priceless. After all, they've made a lifetime of memories with family and friends that money can't buy.
Unfortunately, when it comes time to place your Chatham-Kent property on the market, you need to price your home for sale. This is often a bone of contention between realtors and home owners. You want to get a price which reflects the value and features of your home. At the same time, you want your home to sell quickly.
Value is the Key to Pricing your Chatham-Kent Home
The key is to place a price tag on your home that is equal to the actual value of your home. So how do you start to assess the true value of your Chatham-Kent property? The first step is to detach your personal feelings from the home. Unfortunately, our special memories do not equate to money. The second thing you can do is trust your Chatham-Kent real estate agent. You are hiring them for a reason, and your realtor will not have the personal connections to your home.
This might sound cruel, but it's not meant to be. Many home owners find it hard to bridge the gap between the true value of their home and the price they want to receive.
Check out Comparables
As you begin to establish a price for your home on the Chatham-Kent real estate market, look at comparables in your neighbourhood. If your home is a four bedroom, two bathroom home, what are other four bed, two bath homes selling for in your neighbourhood? Or in terms of Chatham-Kent, what are similar homes selling for within your city? Just make sure you're not comparing a home in Chatham with a home in Erieau, these varying locations will drastically impact property value.
After you've established a general price range, it's time to start digging deeper. If your property is on an acre of land while all other comparables only have 0.5 acres, then your price can go up. If each of the comparables has an updated kitchen, but yours is dated, your price will go down. After a little bit of research and some advice from your Chatham-Kent realtor, you should be able to come up with a price that fits.
What's Your Time Span
Now that you're got a value in mind, there is one more thing you need to consider. How long do you want the sale of your home to take? If you place your asking price slightly below the assessed value of your property, you could sell quickly or even receive multiple offers. If you set your asking price at or above your assessed value, selling could be a longer process. This is not written in stone, but it is a rule of thumb.
At the end of the day, it's important to be comfortable with the sale price of your home and to get value for your home. How are you going to achieve this? Be realistic, enlist a Chatham-Kent real estate agent, and keep your price comparable to the value of your home.
If worse comes to worst, the price of your home is flexible. You can alter your asking price, or negotiate with potential buyers. It is not uncommon to drop a few thousand dollars if your home is stagnant on the market or even during negotiations, just as it is not uncommon for sellers to get their asking price, or even slightly about in a multiple offer situation.
Research, set a time frame, honestly evaluate the value of your home, enlist a Chatham-Kent real estate agent, and the rest is downhill...in a good way.
If you still have questions or need help pricing your home for sale, give me a call at 519-360-0141.