Pricing Your Home Right
Diane Kelly

When setting the price for your home, it's important to remember that the vast majority of homes sell within a few percentage points of the list price. You should thoroughly research the market before coming up with the right list price. First of all you must determine what's currently for sale in the same price range. If your property is the only home offered in your price range, or if it is clearly superior to similarly priced homes, you have more leverage to ask for a top end price. On the other hand, if there are several comparable homes available that, alternatively, a buyer might consider placing an offer on, you need to price it smartly in order to compete.

By first researching the list price of other homes for sale in Calgary that are in your area with similar features. We may even decide to tour some of these homes to see how they show in comparison to yours. Knowing your competition is half the battle.

Next, we can show you past sales and expired listings. This will show you what prices the market will and will not bear. Also, take note of when this activity occurred. If the market has changed dramatically in recent months -- either heating up or slowing down - you may have to adjust your price accordingly to take these current market conditions into consideration. I can help you here to revaluate your market.

How does a seller know whether their house is listed too high? Of course, a good salesperson will let you know. But sometimes a salesperson may be hesitant to tell you. Here's what to watch out for:

The most obvious indication is when there's no action on your house: either calls, showings or offers. However, there's another situation that may indicate that your house is overpriced. This happens when salespeople of other companies show your house is shown to potential buyers on a frequent basis, yet no offers are ever received. Why should these salespeople be so anxious to show off your house again and again if no offers result? Well, the answer is really quite simple. They probably have their own listings of similar houses that are listed at a price below yours. After showing your house they then take the buyers through their listing which is priced more reasonably. In comparison to your house, their listing looks like a bargain! So watch for salespeople who continually show your property without bringing you an offer. Chances are they're selling their own listing off your house!

If you think this may be happening, ask your salesperson for their expert advice. Remember, as a seller, you are in competition with other comparable listings for potential buyers, so try to put aside your emotional attachment to the property, and do the numbers to price it right.

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Calgary Real Estate consultant Diane Kelly, Discover Real Estate Limited, 201, 7909.Flint Road, S.E. Calgary.
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