When people sell their home, they always want to know how to determine what price they should ask. A “fair price” or the market value of your house is determined by many things, both objective (facts) and subjective (emotional).
There are professional appraisers who are trained to calculate the value of your house, some with years of experience. However knowing all of that theory can often be put aside because in the final examination it all boils down to this: What price will SOMEONE pay to buy YOUR house now?!
Your real estate professional can help you determine a selling price using less theory and more practical knowledge… based on recent experience.
Imagine there are only three possible prices for your house.
1. “Best Price” for you, the full value for your home but you wait.
2. “Acceptable Price”, less than you think you should get, but you sell faster.
3. “Quick Sale Price”, the buyer gets a bargain, but you sell fastest.
Of course there are middle grounds, but let’s think in terms of just three prices.
The “Best Price” is what everyone wants. When you think of all the work you have put into your house over the years, this price is fair, … for you, but someone has to appreciate the same value in your house that you do.
The “Acceptable Price” is a price you settle for, but you think the buyer is getting a very good deal!
The “Quick Sale Price” is when you just have to sell. If you are moving out of town or if you have already bought another house, or any reason when you cannot wait.
The price you decide on for your home is entirely up to you. Your real estate professional would like the “Best Price” for you but usually helps you think about the “Acceptable Price” because they know getting the “Best Price” could take too long for you.
Timing is an added wild card. Your house could have sold last year for $400,000 but is not selling this year for $350,000.
Now you understand the price options, so what will it be?…
“Best Price”, “Acceptable Price”, or “Quick Sale Price” ?
Dave Airey
Sales Representative with Signature Service GMAC Real Estate
www.daveairey.ca
