Should My List Price be Lower than I’d Accept?
One of the most important steps when selling your property will be deciding on the best list price. The factors that influence this decision will vary by neighbourhood and local market conditions. Strategies in Yorkville or East York will typically be different than Durham Region, for example. When working with The WEIR Team, we’ll help you understand your home’s current market value and discuss potential ways to get to your ideal outcome.
While it can often backfire if the property is priced too high, the same could happen when priced too low. Often, you’ll see properties listed at $699,000, $799,000, $899,000, that will sell for much higher… sometimes well over $100,000 more than it was listed.
At The WEIR Team, many of our listings sell for much more than the list price, but we’re not doing this as some sort of deception for buyers. While it might be frustrating for buyers who may not fully understand the current market, this pricing strategy is used to help our sellers ensure they sell for the highest possible price in an open market when conditions are favourable to sellers.
If we determine the value for your house is likely around $815,000, but we suspect that multiple buyers might be interested, we would still want buyers who were searching near the top end of their budget to be aware of your property. If we listed at $815,000, they’d miss out if they weren’t searching above $800,000 on MLS. We would likely recommend listing this house at $799,000, have our team make it look its best, and schedule a particular time for offers 6 days after the property is listed on MLS.
While in the end, a bidding war may result in the $815,000 final selling price, this could also result in a much higher selling price… and why would you want to risk missing out on that opportunity?