Selling My Home

What is my home worth?

This is one of the most common questions I get asked.The answer depends on a number of variables, including the location of your home, the features and condition of your home and the market conditions at the time.

Market value is the price at which a particular house will sell for in its current condition within 30 to 60 days.

When establishing a competitive list price, the following factors will be considered:

1. Location
2. Size
3. Style
4. Condition
5. Community Amenities
6. Buyer Supply
7. Financing Options 

The real estate market ultimately determines the true value of your property. Remember that the only precise measure of market value is what a particular house actually sells for.

I would be pleased to provide a comparative market analysis of your home. A comparative market analysis is an indicator of what today’s buyers are willing to pay for a home. It compares the market activity of homes similar to yours in your neighbourhood.   There can be a large variation within the real estate market in different parts of the City of Ottawa.

Why is it important to price my home competitively?

Real estate evaluations are a professional opinion based on the prevailing real estate market. If you are serious about selling, your home should be listed at a realistic price based on a comparative market analysis.

The benefits of pricing right are:

  1. Your property sells faster, because it is exposed to more qualified buyers.
  2. Your home doesn’t lose its “marketability.
  3. The closer to market value, the higher the offers.
  4. A well-priced property can generate competing offers

Real Estate Professionals will be enthusiastic about presenting your property to buyers.

The results of overpricing are:

  1. Those who can afford a home at your asking price will soon recognize that they can get better value elsewhere.
  2. You may think that interested buyers “can always make an offer,” but if the home is overpriced, potential buyers looking in a lower price range will never see it.
  3. Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, but by that time it’s been for sale too long and some buyers will be wary and reject the property.

As soon as a home comes on the market, there is a flurry of activity surrounding it. This period of early activity is very important, it is the crucial time when Real Estate Professionals and potential buyers sit up and take notice.

How long do you think it will take to sell my home?

Every home is unique. Some homes sell within days of listing and some homes take months to sell or do not sell at all. The optimal time would be within 30 to 60 days.

I believe there are three primary reasons why a home does not sell.

First is price. If a home is overpriced qualified buyers may never see it because it is priced out of their budget. If your home is priced higher than similar homes, purchasers will recognize that they can get better value elsewhere. Overpricing means it will take longer to sell your home, or it may not sell at all.

The second reason a home may not sell is lack of consistent promotion or inadequate marketing. A home seller may think that all a real estate agent does is put an ad in the paper, put up a sign, build a web site and the world will beat a path to their door. However, there is much more involved. Take a look at my marketing plan of action, which outlines my marketing activities.

The third reason a home does not sell is timing. Timing in life is critical and in real estate "timing is everything". Market conditions within the Ottawa and area real estate market vary from time to time and may in fact change very quickly.