When selling your home, it’s crucial to set the right selling price from the very start. Your goal is to sell your home as fast as possible for a fair price. But to make this happen, you must increase your visibility to maximize the number of offers you receive.
Read on to learn why using the right pricing strategy to sell your home is crucial in getting top dollar and off the market as quickly as possible.
Choosing the Right Realtor
When selling your home, your best asset is a good realtor, so don’t be hasty when deciding who to partner with. A good realtor will take the time to answer all your questions:
- How many years of experience?
- How long does it take you to sell a home, on average?
- How well do you know my neighbourhood?
- What are your pricing and marketing strategies?
- Do you have references?
Pricing Strategies According to Market Conditions
A good realtor will know how to price your home according to market conditions. Their experience through different market cycles allows them to recognize trends and know how the market will respond.
Market conditions vary by province, city, and neighbourhood. Your realtor should know the specifics of your neighbourhood market, such as:
- The style of homes
- How long they’ve been on the market
- Multiple offers vs stagnate listings over 30 days
- Demographics (young families, retirees)
- Neighbourhood amenities
What’s Your Current Market — Buyer’s, Seller’s, or Balanced?
Realtors base their pricing strategies on the current market of the neighbourhood and surrounding area. Here are different strategies for each type of market condition:
Buyer’s Market
In a buyer’s market, there are more houses for sale than buyers. The industry also describes this as the housing market experiencing “a low”. So to get the best price and have your home sell in a reasonable time, your realtor must find what makes your property stand out from the rest.
A good agent will use social media, custom marketing materials, and professional photographs to feature your amenities and reach the right audience.
Seller’s Market
In a seller’s market, there are more buyers than homes for sale, giving the seller the upper hand. A typical seller’s market strategy is setting the price below market value and withholding offers. Withholding offers means a buyer must wait for a specific date to submit an offer.
Balanced Market
In a balanced market, the number of buyers and sellers is equal, so you shouldn’t have any trouble selling quickly if you set your price at market value with room to negotiate. But, once again, if houses are similar in your area, your realtor will have to exploit anything unique to your property to help it stand out from the rest.
Looking for Trusted Advice on How to Price Your Home?
Partner with Joel Cooper. Joel’s clients have trusted his knowledge and expertise in the Toronto and the GTA real estate market for over 14 years. His client-centred approach focuses on you and your needs to ensure you get the best dollar for your home.
Hi, I’m Joel, a real estate professional based in Toronto.
My approach is simple—I put you first. I believe in open communication, total transparency, and meaningful results. I’ll guide you through the real estate process, market values, and always keep the focus on you—and your needs.