Right Price, Realtor Key to Quick Sale

June 21, 2011

Setting the right price is the most important item when you want to sell your house fast, Realtors say.

"The top five percentile of homes price-wise tend to take longer to sell because there is a smaller market, and it tends to be a more volatile market in a boom and bust cycle," says Cameron Muir, chief economist with the British Columbia Real Estate Association.

So, right from the outset, you want to make sure you do not price your home at the top of the market home values.

"Having your house priced according to current market conditions and having maximum exposure to the greatest number of buyers is always a good idea," says Muir. "What you're doing as a home seller is competing with a lot of other sellers in the marketplace."

Some are also " staging" their homes to get an edge in the market.

To ensure a quick sale, you have to be sure your buyers can afford to pay what they offer. Working with a Realtor can help you, as Realtors have been trained and licensed in working with buyers and negotiating contracts that do not, as a rule, tend to fall through.

Realtors also know how to value real estate. They have access to a database of statistics that the rest of us cannot use. The Comparative Market Analysis (CMA) compares prices of homes that match the style, neighbourhood and size of your home. The CMA reveals the sold prices for other homes in your area. It also includes the price of current and expired listings (the ones that did not sell).

With that proprietary information, a Realtor can help you set a price that will make your house attractive to buyers without undercutting your bottom line.

When looking for a Realtor, pay attention to the sales in your neighborhood and attend open houses. Observe Realtors in action and ask friends for their referrals. Every Realtor is different. Your agent works for you, and it is up to you to be a good and thorough employer.

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