How to avoid these 6 mistakes when pricing your Nanaimo home to sell

How to avoid these 6 mistakes when pricing your Nanaimo home to sell

Let’s face it, attaching a price tag to your home for sale in Nanaimo is an emotional decision.  For many people their home is their biggest asset so getting the most money is a top priority.

But wanting a certain sales price and getting it are two entirely different things.

Pricing real estate in Nanaimo is often more art than science.  Make a pricing mistake and your Nanaimo house for sale could very well sit on the market for months instead of being snapped up quickly by a motivated, qualified buyer.

Here are the top six home-for-sale pricing mistakes and how to avoid them:

1.  Using the “If Only” pricing approach.  This is when a seller knows there’s updating to be done, but prices her home as if the improvements have already been made, thinking to herself “If only the buyer did this, then my home would be worth what I’m asking”.

2.  Not realizing that updating needs to be done.  Maybe you’ve gotten used to living with a dated floor plan or older appliances, but don’t expect a buyer to pay top dollar for your Nanaimo home.

3.   Using the home that sold next door as a comparable.  It’s tempting to think that because your neighbor’s home sold for $X then yours will too.  Every home in Nanaimo is different.  Plus, with this approach you run the risk of letting your like – or dislike – of your neighbor come into play.

4.  Listening to your relatives.  Unless your mother-in-law is an active professional realtor, your relatives are bound to give you pricing information that just simply doesn’t match the reality of the market place.

5.  Believing what you read in the newspaper or hear on the television.  By the time market information reaches the mass media it’s already too late.  Look at it this way – would you buy a hot stock tip that you heard on the evening news?

6.  Not using a realtor.  The market can change quickly, and your active professional real estate agent will have a good sense of where the real estate market in Nanaimo is going before the general public does.