Will You Need to Lower your Price to Sell your Home Quickly?
Worried you might have to drop your price to sell your home? Here’s how pricing really works:
If you want to sell an item quickly—say, a couch—you can post it online, stick a super-low price tag on it and, chances are, it will be gone by the end of the day.
So it’s understandable that some people think the same thing applies when selling a home. Indeed, if you need to sell your property quickly, you might assume that setting a low listing price is the best way to make that happen.
But that isn’t necessarily true.
The fact is, the list price is only one of many factors that determine how quickly your home will sell—and for how much.
For example, if your home is in high demand at the moment—given its characteristics, neighbourhood, move-in readiness, and overall desirability— then it may sell quickly at its current market value or even a little higher.
On the other hand, if the market is more of a buyer’s market, setting a list price that will attract qualified buyers to your home, and away from comparable listings, may be important. But that doesn’t necessarily mean you need to lowball the price.
Keep in mind there are many other things that can help get your property sold quickly, such as how skillfully your listing is promoted and marketed, how well your home shows to buyers, and how flexible you are with your closing date.