Selling Your Home? The Advantages of the Mayer Harman Team - Part 4: Smart Pricing

October 24, 2022

Find out how we help you determine the sale price of your home

The Mayer-Harman Team Uses Smart Pricing

We believe that not only should your home be priced appropriately, but you should know exactly why your house is set at that price! This is why we use Smart Pricing. Smart Pricing is our way of determining the most competitive sale price for your home!

What Exactly is Smart Pricing?

Determining the value of your home is not guesswork. We conduct a thoroughly researched market analysis, which we share with you, to help determine the realistic amount your home will sell for in the current market. It's important to note that Smart Pricing isn't about asking for the most money. Instead, it's about listing at the price that will make your home most likely to sell.

How We Determine the Smart Price

There are a lot of factors that go into determining a Smart Price, so let's go through them.

• Location: The location of your home will have an enormous effect on the price of your home. Your location means which town or area you are in and where you are within that town. Are you closer to amenities? Are you on the water? All of these things will be factored in when we look at your home's location to determine the Smart Price.

• Size: The size of your home is one of the more apparent factors when determining the Smart Price. However, there are other things to consider. How is the space being used? What sizes are the rooms? Is it an open concept? These are things that buyers are interested in and that we take into consideration.

• Style: Style, in this sense, doesn't refer to how you've decorated your house. Instead, it's talking about the structural type of your home. Is it one story or two? What kind of windows does it have? Is it all original, or is there an addition? How old is your home? What is the kitchen layout? There are general trends in what people are looking for and more specific trends in more targeted markets, such as seniors. Every answer to each question gives us more information to determine the Smart Price

• Condition: The condition of your home is critical in determining the price and the presentation once it's on the market. Things we would look at are, will the roof need to be replaced in the next five years? Is there pet damage to the flooring? Is the electrical up to code? How old is the furnace? These are the kinds of things that we would discuss with you after the pre-listing inspection. If you fix the troublesome areas, that will generally indicate a higher Smart Price.

• Community Amenities: Looking at the broader community is also part of Smart Pricing. We consider things like recreational activities available, waterfront, grocery stores and other shopping. These types of things will bring potential buyers to the area.

• Buyer Supply: There is a delicate balance between housing and buyer supply. Smart Pricing is essential to ensure your home is competitively priced so that it stands out from the pack when buyers are looking.

• Financing Options: Financing options are available in terms of mortgage types for the buyer. For example, could there be a vendor take-back mortgage on your home? What are the interest rates and financial stress tests? These types of financial options influence your home's pool of potential buyers.

The Market and Smart Pricing

When we look at your home, we can compare it to similar homes in your neighbourhood and what they have sold for recently. Those homes are an indicator of what potential buyers are willing to pay.

We also look at homes that are already on the market. So not only do we look at the prices, but also how long they've been on the market. We also check expired listings, giving us an idea of what an overprice would be.

Each of these factors is considered when determining a Smart Price for your home.

The Smart Price Ends With You

There will likely be a range of home values, and your home will fall somewhere in between. We work with you to determine the price and are transparent about why we advise you on a specific price. When all is said and done, and we present you with the competitive market analysis, you have the final say in the price we set for your home.