How to Effectively Price Your Home for the Current Market
In a high-demand real estate market like our own, it would be easy to assume that just listing your home on the MLS would be enough to draw in an endless stream of buyers and gain a top-dollar return.
But that’s simply not the case. The right pricing strategy can be the difference between getting every last dollar for your home, or leaving money on the table.
Here’s how to effectively price your home for the current market:
Understand Today’s Market
Our market is currently experiencing extremely high demand mixed with very low housing inventory. This has led to tight competition between buyers who are willing to offer well over asking for the right home, often with few or zero conditions.
While we have been in a seller’s market for quite some time, it has been amplified by the effects of the COVID-19 pandemic and historically low interest rates. Many buyers have been searching outside the major urban areas to find more space for their family to work and learn from home.
Consider Your Home’s Position
The Oakville-Burlington area is highly sought after for its fantastic schools and quality of life. If your current property is located in Oakville, Burlington, or the surrounding area, you are likely already well aware of the high demand for real estate here.
Demand for single-family homes is going strong as buyers are looking to move up into larger spaces. If you are selling a smaller home, such as a condo or townhome, there is still demand as first-time buyers are taking advantage of the low interest rates to break into the market while they can.
See What Similar Homes Are Selling For
The most accurate way to price your home is by first receiving a Comparative Market Analysis (CMA). A CMA, conducted by your chosen real estate professional, helps to determine recent selling prices for homes similar to yours.
This analysis is based on your property’s:
- Recent improvements or renovations
- And more
Increase Your Property’s Value
Once you have established your home’s position — based on the current market, demand, and similar properties — your real estate professional can help you determine what should be done to increase your home’s value and list price.
Features that can help you increase your home’s value on the market include:
- Updated kitchen and bathrooms with quality finishes
- New roof
- New flooring
- New windows
- New furnace, HVAC, etc.
- Improved curb appeal
- Finished basement or addition
- Move-in ready appeal (freshly painted, no repairs or updates needed)
- Energy-efficient appliances
- Smart technologies (smart thermostats, locks, lighting, etc.)
What’s Your House Worth Right Now?
To price your home correctly the first time, it’s best to work with an experienced, local real estate professional. At the Kennedy Sisters, we offer complimentary home worth evaluations that help prospective sellers price their home with confidence and earn the absolute best price.
Let’s talk about your home’s worth and pricing strategy today.
Book a seller's consultation here to get started.