To determine fair market value for a home, REALTORS® look at market data. By looking at recent comparable sales and current homes on the market experienced agents can determine what a buyer might be willing to pay for a home like yours.
It's important to keep in mind that your home is worth exactly what a buyer is willing to pay for it, not necessarily the price you list it at.
That's why Nyrose & Associates has introduced a 3-tiered pricing model that puts you in the driver's seat. We provide you with the current fair market value and then work within your comfort level to price your home to achieve your real estate goals. In the process, we also uncover who the most likely targeted buyer might be.
1. Above market value - we call this pricing for patience. The home may sit on the market longer and may require price drops, but could result in a higher sale if the market is increasing.
2. Fair market value - this price model gives your home a good chance at selling within the current market timelines and pricing. It's fairly and competitively priced within the market.
3. Below market value - this pricing strategy can create demand and a quick sale. It can also bring multiple offers.
In order to determine fair market value, we do a thorough analysis of your home and its features. By understanding your home's value and features we can also determine the type of buyer who is most likely to buy your home. Then we work with you to determine your real estate goals and then we set the price accordingly.
How Much is Your Home Worth? Setting the right price is vital to the successful sale of your home. Price your home too high and it could sit stagnant on the market. Price it too low and you’ll always be questioning if you could have gotten more for your home.
Generally, buyers are searching based on three things: Price, Location/Neighbourhood, and Type of Home. You can’t change what your home is and where it is located so it’s especially important to price your home right.
Market Analysis - Your Realtor® will source data and create reports that will paint an accurate picture of what is currently happening in the market segment related to your home. Called a Comparative Market Analysis, this report offers a detailed look at current and past market activity and trends for similar homes in your area. You will learn what homes are currently priced at, as well as comparative past home sales. An experienced agent will walk through your home and take into account things such as home type, square footage, age, condition, finishings etc.
The Condition of Your Home - Perhaps your home could use some updating or repairs. A professional agent will price your home accordingly.
Professional Appraisal - Your Agent may recommend having a professional appraiser come to provide valuable input to help determine a price.
Online Valuation Tools - You may have come across an agent or website offering to instantly value your home. These will be rough estimates and should not be used to accurately price your home.
Our professional real estate agents have an in-depth understanding of current market conditions, trends, neighbourhoods and market activity. The price of your home will depend on current real estate market trends and activity.
One of our Kelowna REALTORS® will schedule an appointment to view your home and learn about what might make your home special or unique. We evaluate the features of your home and use this information as part of our analysis. We compare the details of your home with recent comparable sales. An analysis of the specifics and features of your home is part of the pricing process.
We compare market activity and comparable home prices. When we look at properties that have recently sold, we have a good indication of what buyers are prepared to pay. Likewise, we also look at current homes for sale and recently expired listings. We compare the attributes of your home vs. the comparable homes to assist in determining a list price.
We determine your needs and goals in order to set a marketing strategy and list price that will deliver the optimal results.
When it comes to knowing how much to list your home for, it's also important to not simply choose the REALTOR® who is willing to list your home for the highest price. Remember, you're hiring a person to create a list price strategy, market and expose your home to the largest number of qualified buyers, and then to represent your interests at the negotiation table.
At Nyrose & Associates we offer a holistic and targeted approach to pricing, marketing and negotiation in order to help you achieve your goals.
Every day, we get asked questions from interested buyers, sellers, homeowners and industry professionals. We love to share our knowledge. Do you have a question you’d like the team to answer? Email firstname.lastname@example.org with your question and we’ll get it answered!