As a real estate sales representative I spend a fair bit of time looking at property listings. If you do as well, you may know that there is sometimes a tempation to look at location, age of home, the number of rooms, special features, and come up with a "off the top of my head" estimate of the market price.
The truth is that anything that informal is likely to be unreliable and possibly even misleading.
If you ask me to do a comparative market analysis, I will collect information about the actual sale prices, and the asking prices, of a number of properties similar to your own. Then we will sit down together and consider the specific differences from your own property (the specific features that may be worth more or less in each case) and come to a fairly accurate understanding of how much your property is likely to sell for on the open market.
Choosing the correct price is absolutely vital in today's market. Most people give very careful consideration to the properties available, and that is understandable because a home purchase is, as they say, very likely to be the largest purchase you will make. In many cases it is also likely to prove to be one of the best investments.
Pitfalls to Avoid
Pricing too low means you lose valuable equity for the purchase of your next home. Pricing too high means that qualified buyers will go to better deals, and if you decide to lower your price later, people will wonder why you dropped the price. They may get the impression that there is something wrong with a property that has been on the market so long and suspect that it is not even worth the lowered price you have set. In the end, the offers you receive could be lower than they would be for a property that was properly priced in the first place.
I would be pleased to do a free comparative market analysis for you. I would ask that you invite me to the the property you are considering selling, allow me to take a series of pictures and make notes about the property, then give me a few days to select the best comparables for presentation to you at a meeting where we will consider them together.
Bob Foster - 613 921 3933