Determine the Optimal Price of Your Home

An Overview of Real Estate Pricing
Home buyers will determine the market value of a home based on their analysis of what comparable homes have sold for in your neighbourhood. This process will be facilitated by their real estate sales representative who will conduct a market analysis of a neighbourhood using historical data (e.g., TREB). The value of a home will be largely determined by this comparative process. Comparative Market Analysis is the most effective method by which to determine what potential buyers will be willing to pay for a home.

Elements of Pricing Include

1- Comparative Market Analysis

The analysis is divided into three categories:
1. Similar properties that have recently SOLD
2. Similar properties that have currently been LISTED

2- Understanding the Buying Process
Most buyers take between 2 and 6 weeks to build confidence and collect information about prevailing market conditions before making their first offer.

This process involves:
Clarifying their own needs in a home
Determining and rationaling their financial limits
Educating themselves as to market pricing for various neighbourhoods
Educating themselves as to the costs and benefits of various home features (e.g. renovations, amenities, appliances)
Obtaining local knowledge of their chosen neighbourhood

By the end of this process most buyers know:
How much they are capable of paying
What neighbourhood they want to live in
What basic structural characteristics must be possessed by the home (e.g. number of bedrooms, size of lot, size of kitchen)
What features are considered "nice to have", but nonessential

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