Port Moody Living
"City of the Arts" - Located at the head of Burrard Inlet, this vibrant city is rich in history and modern development. Steps from seaside parks, mountain trails and lakes, Port Moody is a nature lovers paradise.
Port Moody Real Estate News
Saturday, September 26, 2009
Selling Your Home
If you have ever sold a home, you probably realized that two factors dominate: Price and time.
Determining the value when a home first hits the market, is without a doubt the most important aspect in the selling process. The first month your home is for sale will bring the most activity, so pricing it too high will only deter the amount of traffic that comes through. Along with this, the longer your home sits on the market, the less traffic you'll see, and a Buyer will see less value or opportunity in your home.
On the other hand, pricing it too low will only leave money on the table. In today's market the possibility of competing offers could be likely, but Buyers are weary to make a bid way over asking.
Finding an agent that has a deep sense and understanding of the market can potentially save you time and money. It means finding a price that is competitive in the market now. Not last month or even last week.
An example we encountered were two units we recently listed in Klahanie. Very similar comparables in all aspects. One owner decided to list it for $379,000. $20,000 over the price we suggested. It didn't sell, and month by month only reduced it $5000 each month. After four months, at $359,000 the unit got an offer and sold for $355,000.
The other owner listed it for $358,900 and was sold within a week for $360,000.
Unfortunately Sellers have a tendancy to overvalue their home. This is natural. Who wouldn't want more money? We often hear that the best way to determine the value of your home is to interview multiple agents and find out each agent's opinion. While this can be an effective way to guage market value, some agents may give an inflated price to "buy" the listing. Our advice? Pick an agent who you feel comfortable with and your instincts tell you will give you the right advice on selling your home.