The summer seems to be a time people think it would be great to sell their Orangeville Homes. The gardens are in full bloom, the children are finished school and you can take some vacation time to get the house ready. For all those reasons it is a good time, but keep in mind many other Orangeville sellers are thinking the same thing. Competition is heavy. When working with a top Orangeville Real Estate Team you will properly prepare your home but one of the major factors to a successful sale is to price your Orangeville Home right, to begin with!
Do not let yourself get caught up in the empty promises of an uneducated REALTOR® giving pie in the sky evaluations. Of course, that extra money would be welcomed. For most people, their home is their largest investment. You want to squeeze every ounce of juice out of that lemon! That money could help with the purchase of a new Orangeville Home, pay some outstanding debt, help with kid’s educations or take that much needed vacation. Pricing a home is really more complex than just pulling a number out of the air. We look at the competition, we look at homes that actually sold and how they compare to your home. We take into consideration the current market conditions. You would think a sale a month ago would be close enough, but as recent sellers have learned, the market can turn on a dime! Do not get bamboozled by some slick talking agent, all that glitters is not gold!
There is a sweet spot between what an Orangeville Seller is willing to accept and what an Orangeville Buyer is willing to pay. The experienced top agent knows how to price according to the market conditions to maximize this area. We have the expertise to get your home to show head and shoulders above your competition which will drive the traffic to your home. Our goal is to create a frenzy and achieve top selling price and most favourable conditions. We know from studies that pricing right at market value will attract 60% of buyers. By overpricing even by 10% we decrease the pool of buyers to 30%.
We know that the buyers ultimately determine the sale price of any home. Market value is what a buyer is willing to pay on an open market. Buyers are very savvy. They study home values and sales and are quite knowledgeable when it comes to the values of your Orangeville home. If we price 10% lower than the market value, we increase our buyer pool to 75%. We know that competition has increased overall prices in the last 2 years. The lack of inventory caused the constant competition between buyers and that is what increased sale prices. We are operating with a little more inventory so we adjust accordingly.
Once upon a time, there was a home owner who chose a real estate agent because they had flashy online ads and promised this seller they would sell this estate home for $2.3 million. The local real estate professionals all thought back in February when the market was at its peak it may have sold for $2.0 million but now in June, this home is only worth $1.8 because the market stats have shown prices in the area for estate homes had decreased by 10%. This seller signed a 3 month contract. The home sat and sat and did not sell. Another out-of-town agent then came after it expired and “promised” they had buyers for this home. The seller proceeded to sign another 60 day contract but reduced the asking price to $2.1 million. Again there were no such buyers. If that agent had those mysterious buyers, they would have put an offer in when it was originally listed. So now this home has sat on the market for 5 months at the wrong price. Market conditions have adjusted. The seller is frustrated and angry. The Seller just wants the home sold and hires a local agent. They list at the $1.8 million where it should have been originally but because so much time has passed, buyers have seen this home for sale for so long and keep asking “what’s wrong with that house?” Very few buyers view the home. Eventually, they receive an offer and end up selling for $1.6 million. This seller has now lost 6 months of their life being for sale, they have lost $200,000 of money because of false promises. Don’t get fooled by false promises. Look for facts, stats and a very thorough evaluation.
The key to coming out on top in our current Orangeville Market conditions is to price your Orangeville Home right, to begin with! Hiring a top Orangeville real estate team with the knowledge and experience will be worth it in the long run!