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How to Price Your Home to Sell in the 2020s Market

Your house or condo listing price is the most important decision you will make in selling a home. Where you set that number determines where negotiations start. Buyers may bid above that number in a competitive market or bargain below that number for repairs or concessions. Your listing price sets your home's place in the market and also determines the price range of people who can be your buyers. So, How do you price your home to sell?

  • Should you list at the condo's last sale price?
  • How should you compensate for inflation?
  • How do you calculate the added value of renovations and updates?
  • How should I calculate the cost of pre-sale renovations?

How Does the Listing Price Relate to the Sale Price?

The longer the home is on the market, the further below the list price, and eventually market value it may sell for. A quick calculation estimates losing about 5% of the list price for every week the property is on the market. The best sale value often comes from listing slightly below market value and closing the sale within 10 days of listing. This minimises actual value lost to time on the market.

What Determines the Market Value of a Condo?

  • The condo building's average value
  • Local market demand factors
  • The square footage and bedroom/bathroom count
  • The modernity and quality of life
  • Current buyer demand
  • Time on the market

Research Historical Condo Prices in Your Neighbourhood

The average home price in your Toronto neighbourhood or condo building sets the bar for your home's listing price. Yours should neither be the highest nor lowest listed home in the neighbourhood. You can usually find this information on real estate websites that keep old sale price histories.
Identify the Average Price for Similar Floorplans and Features
Now look closer at prices for homes and condos in your neighbourhood and condo buildings with similar square footage, yard size, and bedroom/bathroom count. Use bedroom count as your primary measuring unit and compare the selling prices of homes with the same bedroom/bathroom count as your home.

Know Your Local Housing Market

The local market also has a significant influence on your home pricing decision. Take a look at national home averages and how home and condo prices are trending in your city. Being aware of these factors can help you make a smarter decision on whether to price up or down.

There may also be more current or nearby influences. Your condo might be near a major employer, in an excellent school district, or exist within the housing range of a local college. Or your style of building might be extremely popular right now.

Finding a Real Estate Agent who Knows How To Price Condos

Most real estate agents don't go through the total calculation process. You risk leaving money on the table by pricing too high and too fast. Finding the best value takes considering all the value factors your home or condo has to offer.
The right pricing is critical for attracting buyers and winning the full value of your home in the final sale. . Now, the skill you need in an agent is pricing your property at the right market value. When you see an agent's sales record, don't be impressed by a sheet of "above listing" numbers. Look for agents who have a track record of selling at a list or higher within 30 days.

RE/MAX Condos Plus Corp. Brokerage
45 Harbour Sq. Toronto, ON M5J 2G4

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