Your real estate agent should study the local real estate market when preparing your pricing strategy – this means not just your city but your specific neighbourhood. A neighbourhood where listings are frequently getting multiple offers versus one where homes are taking 30 to 60 days to sell will warrant different pricing strategies.
Ultimately, when a real estate agent is determining how to price your home for sale, they are factoring in three things:
- what are the current market conditions
- how does your listing compare to others in the area
- how long do they anticipate the property to sell based on the previous two factors