Setting a realistic price for your house that reflects current Penticton real estate market values will help sell your house quickly and for top dollar. When you price your house properly, you increase the chances that the offer you receive will nearly match your asking price and that there will be competing offers - which may net you even more in the long run.
Your Penticton property has the best chance of selling within its first seven weeks on the market. Studies indicate that the longer a property stays on the market, the less it will ultimately sell for. A property priced 10 % more than its market value is significantly less likely to sell within this window than a property priced close to its actual market value. About 75% of houses on the market today are 5 -10 % overpriced. Sellers will usually over-price their homes by this margin if, either, they firmly believe the home is worth more than what the market indicates or if they want to leave room for negotiation. Either way, if you choose to over-price you run the risk of increasing the amount of time your house spends on the market, thereby decreasing the amount of money you’ll ultimately receive.
The knowledge and skills of experienced real estate professionals like The Cutler Team will be invaluable when determining an appropriate asking price. As they know the Penticton and South Okanagan real estate market and their trends inside and out. The Culter Team are closely connected to the real estate market at large, and are aware of other properties currently for sale in Penticton, Naramata, Summerland and OK Falls areas. Based on this range of connections and knowledge they can expertly counsel you on how to price your home properly in order to attract the highest price possible in the shortest period of time.
The market will always influence a property’s market value regardless of the state of a home or its desirability. Here are the types of market conditions and how they may affect you:
A Seller’s market is considered a “hot market". This type of market is created when demand is greater than supply - that is, when the number of Buyers exceeds the number of houses on the market. As a result these homes usually sell very quickly and there are often multiple offers. Homes will sell above the asking price.
A Buyer’s market is a slower market. This occurs when the number of houses exceeds the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price and even if the initial offered price is too low. Sellers will be more likely to come back with a counter-offer.
In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced, prices will be stable and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from so Sellers may encounter some competition for offers on their home, or none at all.
As professional Penticton Real Estate Agents, Chamberlain Property Group is trained to provide clients with critical information about the market helping you make the most informed decision possible. They will guide you through the ups and downs of the market and keep you up-to-date with the types of changes you might expect.
Evaluate your house in the other main areas that affect market value
The proximity of your house to amenities such as schools, parks, public transportation and stores will affect its status on the market. Also, the quality of neighborhood planning and future plans for development and zoning will influence a house's current market value as well as the ways in which this value might change.
The age, size, layout, style and quality of construction of your house will all affect the property’s market value as well as the size, shape, seclusion and landscaping of the yard.
Condition of the House
This includes the general condition of your house’s main systems such as the furnace, central air, electrical system and appearance and condition of the fixtures. The overall condition will influence the first impression of the buyer.
We will prepare a general market analysis of your neighborhood so you can determine the range of value for your property. A market analysis will provide you with a market overview and give you a glimpse at what other similar properties have been selling for in your specific area.
Market Conditions/ Economy
The market value of your house is additionally affected by the number of houses currently on the market, the number of people looking to buy property, current mortgage rates and the condition of the national and local economy.