Want to sell quickly in the current market?
Part 2 - Competitive Pricing

The key to selling quickly in any market is having your product stand out. In the current Vancouver housing market, one of the best ways to do so is to have a competitive price on your home.

Now I should take a quick moment here and clarify what I mean by "selling quickly". In the bustling Vancouver market the most activity around a listing occurs in the first two weeks. After that, interest can wain, and folks start to ask, "Why hasn't it sold? Is something wrong with it?". Lower offers can start coming in, and while it is certainly still possible to get the full price, after about a month it can be a good idea to consider changing something, often price, to get people interested again. By "selling quickly" I mean avoiding this process, and getting a done deal when people are excited and the listing is fresh. This is the best, often the only, time buyers will start bidding against each other, elevating the price you'll get for your home.

So what do I mean by a competitive price? The formula I've always used is 'a little more, a little less'. Essentially what it means is, we'll take a look at a few homes that are comparable to yours (in the same neighbourhood, with roughly the same square footage, number of bedrooms, lot size etc) that have sold recently. The value of homes in Vancouver is still steadily increasing, so we say the price will be 'a little more' than what those sold for. Then we would take a look at some homes currently on the market, again ones that are comparable to yours, and see what they are priced at. To make your home stand out against this competition, we say the price should be 'a little less' than what's currently out there. Hitting a number somewhere between these two prices will give you a competitive price, and a competitive listing.

This is probably the most important advantage we can give your home. It generates the most interest, as your home then appears to have better value for a buyer looking at all their options. More people are then interested and there is a better chance you'll have several offers to look at, perhaps even a few above asking price!

Watch for my next entry on "Cross Media Marketing" later this week.