The Right Strategies to Sell a Home
Want to sell a residential property in Calgary? Conditions in the real estate markets keep changing. To assess the market value of your house, it is important to understand the same and then narrow down the analysis to your own street.
Broadly, you can consider the market conditions on the basis of time that it takes to sell a unit. This can be in form of:
The conditions can differ according to the kind and size of property unit. For instance, a compact condo would sell faster than a palatial single-family house as the latter would not fit in budgets of many people. However, the overall conditions of real estate market can still be judged as per the number of months that a unit stays on active listings. You then need to check the absorption rate, the likelihood of a sale and how these factors will impact your own strategy.
Studies reveal that more than 80% of the buyers come to know about your house through realtors and real estate websites. The yard signs and classified sections in newspapers and magazines are other sources of information. Like a seller, the buyers too look at the market conditions and the number of options they get to choose from. Serious buyers keep a check on points like:
Potential buyers will also assess the value of your property by considering the features, benefits and potential of comparable properties that were recently sold in that neighbourhood. Hence, to sell the house successfully you should ensure that your house has better conditions and offers the higher value when compared to competing units.
The three Ps that will be crucial to your house sale strategy are: Price, Preparation and Presentation.
A strategic list price at market value will maximize your property's market exposure to all qualified buyers who can afford it. Then from a group of interested buyers, you can choose the one who is willing to pay the highest price and can step up with an offer. Many sellers include a buffer in their list price anticipating ‘negotiations' but this is not necessary as market analysis can determine the suitable value of your house and you will not be expected to reduce it if the property is priced accurately.
You need to invest time and money to prepare your property for sale. This refers to the money invested in renovation or making repairs. The money that you spend here is usually not seen by buyers but will be noticed if it wasn't there. In other words, when you expect to get top dollar for your property, buyers too will have high expectations from it. So prepare your house well for the sale.
Lastly, presenting your house in its best condition will impact the value that the buyer places on your unit and the way the property will be compared to others on the listing. Don't overlook the fact that the market value of your house is a moving target that changes with every other property seen by a buyer. The decision to buy a home are more often based on emotions and by presenting yours in the right way, you can make it a benchmark for the market.
Broadly, you can consider the market conditions on the basis of time that it takes to sell a unit. This can be in form of:
- Balanced market – with 6 months of inventory
- Seller's market – with less than 6 months of inventory
- Buyer's market – with more than 6 months of inventory
The conditions can differ according to the kind and size of property unit. For instance, a compact condo would sell faster than a palatial single-family house as the latter would not fit in budgets of many people. However, the overall conditions of real estate market can still be judged as per the number of months that a unit stays on active listings. You then need to check the absorption rate, the likelihood of a sale and how these factors will impact your own strategy.
Studies reveal that more than 80% of the buyers come to know about your house through realtors and real estate websites. The yard signs and classified sections in newspapers and magazines are other sources of information. Like a seller, the buyers too look at the market conditions and the number of options they get to choose from. Serious buyers keep a check on points like:
- How many days has your property been listed for (on the market)?
- How does that impact their buying power?
- What is the value and future potential of your house?
- How does the existing condition of your property compare to other similarly sized units?
- Is your property overpriced/underpriced?
Potential buyers will also assess the value of your property by considering the features, benefits and potential of comparable properties that were recently sold in that neighbourhood. Hence, to sell the house successfully you should ensure that your house has better conditions and offers the higher value when compared to competing units.
The three Ps that will be crucial to your house sale strategy are: Price, Preparation and Presentation.
A strategic list price at market value will maximize your property's market exposure to all qualified buyers who can afford it. Then from a group of interested buyers, you can choose the one who is willing to pay the highest price and can step up with an offer. Many sellers include a buffer in their list price anticipating ‘negotiations' but this is not necessary as market analysis can determine the suitable value of your house and you will not be expected to reduce it if the property is priced accurately.
You need to invest time and money to prepare your property for sale. This refers to the money invested in renovation or making repairs. The money that you spend here is usually not seen by buyers but will be noticed if it wasn't there. In other words, when you expect to get top dollar for your property, buyers too will have high expectations from it. So prepare your house well for the sale.
Lastly, presenting your house in its best condition will impact the value that the buyer places on your unit and the way the property will be compared to others on the listing. Don't overlook the fact that the market value of your house is a moving target that changes with every other property seen by a buyer. The decision to buy a home are more often based on emotions and by presenting yours in the right way, you can make it a benchmark for the market.
