The difference between a property being “on sale” and “sold” lies mainly in the sales
price. Therefore, it's important to determine the appropriate sales price before placing the
property on the market. Constantly analyzing the competition and adjusting the price,
when necessary, is also important.
Errors in Determining the Sales Price
Basing the sales price on the price of neighboring properties that HAVEN'T sold.
Trying to recoup money spent on renovations.
Basing the sales price on a personal financial need.
Trying to sell without motivation or need, making it difficult to compete with
owners who really need to sell.
Starting with a high price to “test” the market with plans to lower the price in the
Seven Strategies to Determine the Right Price
Use the prices of properties that sold in the last three months (up to six months if
necessary) to determine the average sales price within your building or
Analyze the available properties in your building or community to position your
property as the #1 option on the market.
Renovations are considered added value, provided you don't try to recover the
Be aggressive on the price. Start with a very attractive price to create competition
between buyers. That gives the seller various offers with which to negotiate.
The market never allows you to give your property away. If your asking price is
well below the real market price, the buyers’ offers will be above the list price.
Remember that you're not obligated to accept any offer.
Take into account the property DOMs (Days on Market). This is the amount of
time a property is on the market before it is sold.