We are in a seller's market. Homes are selling quickly, but why are some homes selling well over their listed price while others sit longer on the market or even without a sale.? Every home is different, but Three major factors, location, condition and price, affect the sale of all homes.
Location is something we cannot change. As sellers, the two factors we can have the most influence over are condition and price. In the Calgary market three main condition factors are currently influencing the price sellers are getting for their property. Here are 3 factors to consider when you prepare your home for sale. Condition can be influenced by:
1. Curb Appeal
First impressions matter. Ensure the exterior looks inviting with well-maintained landscaping, a clean facade, and appealing entryway.
2. Home Staging
Stage the interior to showcase its potential. Remove clutter, depersonalize, and arrange furniture to highlight the space's functionality and flow.
3. Repairs and Maintenance
Address any necessary repairs, from leaky faucets to structural issues. A well-maintained home gives buyers confidence and repairs left undone will leave buyers wondering if there are more unseen.
The pricing strategy can also have a big influence on the outcome of a sale, especially in a market where prices are trending up. It can be very tempting to list a house higher than market value with the belief that buyer will pay more, but the problem with this strategy is that you put yourself into different group of buyers. If the market value of your home is $550,000 and you list it at $600,000, the buyers who come to see your home are expecting a $600,000 home. It would be better to list at $550,000 and get multiple buyers interested and willing to offer more to compete for the home.
In addition to all of this, factors like bad DIY, unusual features, unpermitted work and outdated design Can also influence how quickly and for what price a home sells.
Work with a real estate professional to set an appropriate listing price. It is possible to list your property at a higher price if the market conditions are right, but overpricing can deter buyers, while underpricing can lead to losses.
If you want the best possible price for your home in this sellers market, make sure your home is looking its best and remember, accurate pricing is important.
Jim Perks is a Calgary REALTOR who divides his time working with both sellers of houses and buyers of homes. He has been an agent since 2010