{"id":9377,"date":"2017-01-19T01:00:58","date_gmt":"2017-01-19T06:00:58","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=9377"},"modified":"2017-01-17T15:04:05","modified_gmt":"2017-01-17T20:04:05","slug":"whats-the-best-strategy-for-pricing-your-home","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/","title":{"rendered":"What\u2019s the Best Strategy for Pricing Your Home?"},"content":{"rendered":"

In a city where demand far outstrips housing stock supply, those selling a property appear to be holding all the cards. That doesn\u2019t mean selling a home requires little effort, however. Rather, getting the highest possible price requires strategy and attention to detail.
\nThere is no shortage of buyers in the GTA presently – that is obvious. Any listing that goes on the market will likely have plenty of interested parties. From a sellers\u2019 perspective, maximizing the sale price of your home is the priority \u2013 after all, in all likelihood you will be on the buying end of the spectrum soon enough.<\/p>\n

Related Read: 2017 Kicks Off With Record Real Estate Prices<\/a><\/strong><\/p>\n

The Art of Underpricing<\/h2>\n

Zoocasa agent Carlos Moniz reveals how listing a home below its true market value is a tactic he regularly uses, but it is an approach that can receive some pushback from the property\u2019s owners.<\/p>\n

\u201cSome sellers that don\u2019t really understand the market sometimes have an issue with listing their property below what it is worth,\u201d he says. \u201cSo we have to explain how pricing strategy works in a sellers\u2019 market.\u201d<\/p>\n

Base Price on Facts<\/h2>\n

When setting a listing price for a house, townhouse<\/a> or condo, an agent will have to do their homework regarding the local area. Coming up with that magic number requires some trial and error, but looking at nearby homes is always a good starting point, as Moniz explains.<\/p>\n

\u201cWe go through comparable sales in a neighbourhood for properties that would be similar, what is called a comparable market analysis,\u201d he says. \u00a0\u201cIdeally that is comparing sales within the last six months \u2013 the sooner the better because the market here has been appreciating in double digits year-over-year.\u201d<\/p>\n

Manage Expectations \u2013 and Egos<\/h2>\n

Double digits in this case means 17.3% as the average selling price of homes in Toronto<\/a> increased to $729,922 in 2016. Such growth tends to attract a lot of media attention, which can make the job of a sales agent more difficult.<\/p>\n

\u201cEveryone thinks their house is the best on the block, so you certainly need to manage expectations,\u201d says Moniz. \u201cThat\u2019s why we go through a pretty thorough market analysis. You need to be able to justify your selling price. If you have a massive addition like a double garage or a separate guest house – that might justify a much higher price.\u201d<\/p>\n

While some sellers may balk at the suggestion of listing below market value, setting your price too high can be even more damaging to your hopes of getting the best possible sale.<\/p>\n

\u201cIf it is relatively the same house as the rest of the street, then it won\u2019t be good for the seller to overprice the property,\u201d he says. \u201cYou will end up with no offers, and then people will wonder why it hasn\u2019t sold after being listed for 30-40 days. The property will become stigmatized. That\u2019s the biggest concern with overpricing.\u201d<\/p>\n

Appeal to Buyers\u2019 Affordability<\/h2>\n

The better option, one that Moniz advocates, is placing your property on the market for a price lower than what you envisioned. There is sound reasoning behind this strategy, as he elaborates.<\/p>\n

\u201cIf a buyer is pre-approved for $800,000, often they won\u2019t want to have all of their disposable income tied up in their home, so they will look for something that is $600,000-700,000,\u201d says Moniz. \u201cHouses that are listed 10-15% below market value mean that some of those buyers will come to see a property that is actually worth a lot more. When the price rises, often people talk themselves into spending more.\u201d<\/p>\n

In a market as voracious as Toronto real estate<\/a>, demand feeds demand. That means a property listed for $750,000 will usually sell for considerably more once a bidding war ensues. Such an outcome is obviously best for the seller, so any agent tasked with selling your home will try to manufacture one. The best way to achieve that is by giving a property the appearance of a bargain. If something looks too good to be true, it usually is, and certainly that is case when it comes to property in Canada\u2019s hottest market.
\n\u201cYou can pull some of the people in that are a bit more conservative with their budget. In this marketplace, supply is limited, so our goal as a real estate company is to drive as much traffic to a house as possible,\u201d says Moniz. \u201cThe more people we have seeing a house means the more offers you get; the more offers you get the higher the price will go. That\u2019s ideally what a seller is hoping for.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In a city where demand far outstrips housing stock supply, those selling a property appear to be holding all the cards. That doesn\u2019t mean selling a home requires little effort, however. Rather, getting the highest possible price requires strategy and attention to detail. There is no shortage of buyers in the GTA presently – that […]<\/p>\n","protected":false},"author":47,"featured_media":9378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[3,113],"tags":[],"class_list":["post-9377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ask-the-pros","category-selling-your-home"],"yoast_head":"\nWhat\u2019s the Best Strategy for Pricing Your Home? | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Thinking of putting your home on the market? The strategy for pricing your home can make or break your profits. Check out these tips.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s the Best Strategy for Pricing Your Home? | Zoocasa Life\" \/>\n<meta property=\"og:description\" content=\"Thinking of putting your home on the market? The strategy for pricing your home can make or break your profits. Check out these tips.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-19T06:00:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-01-17T20:04:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/01\/StockSnap_GQRVT7DGKY.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/\"},\"author\":{\"name\":\"Daibhead O\u2019Ceallach\u00e1in\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3\"},\"headline\":\"What\u2019s the Best Strategy for Pricing Your Home?\",\"datePublished\":\"2017-01-19T06:00:58+00:00\",\"dateModified\":\"2017-01-17T20:04:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/\"},\"wordCount\":777,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Ask the Pros\",\"Selling Your Home\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/\",\"name\":\"What\u2019s the Best Strategy for Pricing Your Home? | Zoocasa Life\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2017-01-19T06:00:58+00:00\",\"dateModified\":\"2017-01-17T20:04:05+00:00\",\"description\":\"Thinking of putting your home on the market? The strategy for pricing your home can make or break your profits. Check out these tips.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.zoocasa.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What\u2019s the Best Strategy for Pricing Your Home?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/\",\"name\":\"Zoocasa Blog\",\"description\":\"Home Buying & Selling Tips, Real Estate Market Trends & News\",\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.zoocasa.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\",\"name\":\"Zoocasa\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png\",\"contentUrl\":\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png\",\"width\":800,\"height\":800,\"caption\":\"Zoocasa\"},\"image\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Zoocasa\",\"https:\/\/twitter.com\/Zoocasa\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3\",\"name\":\"Daibhead O\u2019Ceallach\u00e1in\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g\",\"caption\":\"Daibhead O\u2019Ceallach\u00e1in\"},\"description\":\"Daibhead O\u2019Ceallach\u00e1in is a freelance writer from Ireland that moved to Toronto in 2010. Writing for his local newspaper, he covered real estate during Ireland\u2019s \u201cCeltic Tiger\u201d era and the subsequent housing crash and financial crisis. Today he writes about real estate, finance and politics in Canada, the U.S., Ireland and England.\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/author\/daibheadoceallachain\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What\u2019s the Best Strategy for Pricing Your Home? | Zoocasa Life","description":"Thinking of putting your home on the market? The strategy for pricing your home can make or break your profits. Check out these tips.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/","og_locale":"en_US","og_type":"article","og_title":"What\u2019s the Best Strategy for Pricing Your Home? | Zoocasa Life","og_description":"Thinking of putting your home on the market? The strategy for pricing your home can make or break your profits. Check out these tips.","og_url":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/","og_site_name":"Zoocasa Blog","article_publisher":"https:\/\/www.facebook.com\/Zoocasa","article_published_time":"2017-01-19T06:00:58+00:00","article_modified_time":"2017-01-17T20:04:05+00:00","og_image":[{"width":600,"height":400,"url":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/01\/StockSnap_GQRVT7DGKY.jpg","type":"image\/jpeg"}],"author":"Daibhead O\u2019Ceallach\u00e1in","twitter_card":"summary_large_image","twitter_creator":"@Zoocasa","twitter_site":"@Zoocasa","twitter_misc":{"Written by":"Daibhead O\u2019Ceallach\u00e1in","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/#article","isPartOf":{"@id":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/"},"author":{"name":"Daibhead O\u2019Ceallach\u00e1in","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3"},"headline":"What\u2019s the Best Strategy for Pricing Your Home?","datePublished":"2017-01-19T06:00:58+00:00","dateModified":"2017-01-17T20:04:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/"},"wordCount":777,"commentCount":0,"publisher":{"@id":"https:\/\/www.zoocasa.com\/blog\/#organization"},"articleSection":["Ask the Pros","Selling Your Home"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/","url":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/","name":"What\u2019s the Best Strategy for Pricing Your Home? | Zoocasa Life","isPartOf":{"@id":"https:\/\/www.zoocasa.com\/blog\/#website"},"datePublished":"2017-01-19T06:00:58+00:00","dateModified":"2017-01-17T20:04:05+00:00","description":"Thinking of putting your home on the market? The strategy for pricing your home can make or break your profits. Check out these tips.","breadcrumb":{"@id":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.zoocasa.com\/blog\/whats-the-best-strategy-for-pricing-your-home\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zoocasa.com\/blog\/"},{"@type":"ListItem","position":2,"name":"What\u2019s the Best Strategy for Pricing Your Home?"}]},{"@type":"WebSite","@id":"https:\/\/www.zoocasa.com\/blog\/#website","url":"https:\/\/www.zoocasa.com\/blog\/","name":"Zoocasa Blog","description":"Home Buying & Selling Tips, Real Estate Market Trends & News","publisher":{"@id":"https:\/\/www.zoocasa.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zoocasa.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zoocasa.com\/blog\/#organization","name":"Zoocasa","url":"https:\/\/www.zoocasa.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png","contentUrl":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png","width":800,"height":800,"caption":"Zoocasa"},"image":{"@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Zoocasa","https:\/\/twitter.com\/Zoocasa"]},{"@type":"Person","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3","name":"Daibhead O\u2019Ceallach\u00e1in","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g","caption":"Daibhead O\u2019Ceallach\u00e1in"},"description":"Daibhead O\u2019Ceallach\u00e1in is a freelance writer from Ireland that moved to Toronto in 2010. Writing for his local newspaper, he covered real estate during Ireland\u2019s \u201cCeltic Tiger\u201d era and the subsequent housing crash and financial crisis. Today he writes about real estate, finance and politics in Canada, the U.S., Ireland and England.","url":"https:\/\/www.zoocasa.com\/blog\/author\/daibheadoceallachain\/"}]}},"_links":{"self":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/9377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/comments?post=9377"}],"version-history":[{"count":0,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/9377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media\/9378"}],"wp:attachment":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media?parent=9377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/categories?post=9377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/tags?post=9377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}