MLS Listing Realtor

Buying or Selling Calgary Real Estate

Tanja van de Kamp & Ariette van Pelt
Real Estate Professionals Inc
(403) 978-5267 | (403) 630-5190
Contact Us
MENUMENU
  • Home
  • Buy a Home in Calgary
    • Search All Homes
      • MLS Search by Detail
      • MLS Search by Map
      • Request Custom MLS Search
    • Listings By Property Type
      • Near CTrain Stations
      • Near Parks
      • Near Malls
      • Near Post-Secondary Schools
      • House Styles
      • Lake Communities
      • Condos
      • Walkout Basement
      • Mountain Views
      • New Homes for Sale
      • Handyman Specials
      • Foreclosures
      • Vacant Lots
      • Innercity R-C2 Zoned Lots
      • Rural
    • Listings by Region
      • City Centre
      • North West
      • West
      • South
      • South East
      • East
      • North East
      • North
      • Communities Near Calgary
        • Airdrie Homes for Sale
        • Chestermere Homes for Sale
        • Cochrane Homes for Sale
        • Okotoks Homes for Sale
    • Featured Listings
    • MLS Listed Last 7 Days
    • First-Time Home Buyers
    • Buying Tips
    • Member Login
  • Sell your home in Calgary
    • Sold data by community
    • Free Home Evaluation
    • Sell your home in Calgary
    • Selling Tips
  • Resources
    • Member Login
    • Open Houses in Calgary
      • City Centre Open Houses
      • East Open Houses
      • North Open Houses
      • North East Open Houses
      • North West Open Houses
      • South Open Houses
      • South East Open Houses
      • West Open Houses
    • Calgary Communities
    • What Do Homes Sell For In Calgary
    • What Do Condos Sell For In Calgary
    • First Time Home Buyers
    • Calgary Real Estate Statistics
    • Live statistics Calgary Real Estate
    • Mortgage Calculator
    • Real Estate Articles
    • Green Real Estate
      • Our Green Philosophy
      • Your Green Philosophy
      • Buying Green
      • Selling Green
  • Tanja and Ariette
    • Tanja and Ariette
    • Contact Us
    • Testimonials
    • Refer Us, Get Rewarded
    • Stroopwafel Fundraiser
    • Join Real Estate Team Calgary
    • Our Privacy Policy
  • Blog
  • Login
Home » The Best Asking Price for your Home

The Best Asking Price for your Home

September 10, 2014 By Ariette

Setting the best asking price for your home

Setting the best asking price for your home that reflects current market values will help sell your home quickly and for top dollar.  When you price your home properly, you increase the chances that you receive offers closer to asking price. You may even receive multiple offers, resulting in netting more then your asking price.

Odds of selling

Your home has the best chance of selling, within its first seven weeks on the market.  Studies indicate that the longer a property stays on the market, the less it will ultimately sell for.  If a property is priced 10% more than its market value, it is significantly less likely to sell within this window than a property priced close to its actual market value.  About three-quarters of homes on the market today are 5 to 10 % overpriced.  Sellers will usually over-price their homes if, either, they believe their home is worth more than what the market indicates, or if they want to leave room for negotiation.  Either way, if you choose to over-price your home, you run the risk of increasing the amount of time your home stays on the market, and decreasing the amount of money your home ultimately sells for.

Your home has the best chance of selling within its first seven weeks on the market

At the other end of the selling spectrum are homes that are priced below fair market value. Under-pricing often happens when the owner is interested in a quick sell.  Homes priced under market value can attract multiple offers, and ultimately sell quickly at, or even above the asking price. We have been able to use this selling strategy several times, and with success. However, not all properties and not all market conditions will allow this selling strategy.

When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price

What can affect the market value of your home?

  1. Location:
    The proximity of your home to amenities, such as schools, parks, public transportation, and stores will affect its status on the market.  Also, the quality of neighbourhood planning, and future plans for development and zoning will influence a home’s current market value, as well as the ways in which this value might change.
  1. Property:
    The age, size, layout, style, and quality of construction of your house will all affect the property’s market value, as well as the size, shape, seclusion and landscaping of the yard.
  1. Condition of the Home:
    This includes the general condition of your home’s main systems, such as the furnace, central air, electrical system, etc., as well as the appearance and condition of the fixtures, the floor plan of the house, and its first appearances.
  1. Comparable Properties
    Ask your Realtor to prepare you a general market analysis of your neighbourhood, so you can determine a range of value for your property.  A market analysis will provide you with a market overview and give you a glimpse at what other similar properties have been selling for in the area.
  1. Market Conditions/ Economy:
    The market value of your home is additionally affected by the number of homes currently on the market, the number of people looking to buy property, current mortgage rates, and the condition of the national and local economy.

Is Calgary today a buyer’s or a seller’s market?

The market will always influence a property’s value, regardless of the state of a home, or its desirability.  Here are the types of market conditions and how they may affect you:

  1. Seller’s Market:
    A Seller’s market is considered a “hot” market.  This type of market is created when demand is greater than supply. That is, when the number of buyers exceeds the number of homes on the market.  As a result, homes usually sell very quickly, and there are often multiple offers. Statistically, more homes can and will sell above the asking price.
  2. Buyer’s Market:
    A Buyer’s market is a slower market.  This type of market occurs when supply is greater than demand, the number of homes exceeding the number of buyers.  Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency.  Prices may even decline during this period.  Buyers will have more selection and flexibility in terms of negotiating toward a lower price.  In this market, you may consider to price your home a little below market value.
  3. Balanced Market:
    In a balanced market, supply equals demand. The number of homes on the market roughly equal to the number of buyers.  When a market is balanced, there aren’t any concrete rules guiding whether a buyer should make an offer at the higher end of his price range, or the lower end.  Prices will be stable, and homes will sell within a reasonable period of time.  Buyers will have a decent number of homes to choose from. Sellers may encounter some competition for offers on their home, or none at all.

Your own research

It is the job of your Realtor to know the current market and market trends inside and out. To be closely connected to Calgary’s real estate market, and to be aware of other properties currently for sale in your particular area. Based on this range of connections and knowledge, your Realtor should counsel you on how to set the best asking price for your home. And this best asking price attracts the highest price possible, in the shortest period of time.

Setting the best asking price for your home is not always easy. You should ask an experienced realtor for a market evaluation of your home. Added to that, we have a few articles available that give you more insides about pricing your home right; 7 misconceptions about pricing your home and why is my home not selling?

To learn more about Calgary’s real estate market you can visit our statistic page or you can visit the live statistics from the Calgary Real Estate Board.

Ask us for a free monthly Market Report

All sold data, including home features, number of days on the market and the ratio list price vs selling price. Sold data is a great way to understand the real estate market in your community.

SOLD DATA FOR CALGARY REAL ESTATE

Filed Under: Articles, Selling

Search Our Resources

Search Calgary MLS

Show more

Tools

  • Sold prices in Calgary
  • Open houses in Calgary
  • Search Calgary MLS
  • Search Calgary MLS by Map

Text us or call

(403) 978-5267 | (403) 630-5190

Real Estate Professionals

202, 5403 Crowchild Trail NW


Real Estate On-The-Go

Complete MLS listings on your phone

Send us a Message

   

    Your Name (required)

    Your Email (required)

    Your Telephone (required)

    Do you have a Realtor?
    YesNo

    Your Message

    Free Sold Report

    Request a sold report to get information on sold prices, number of days on the market, original listing prices and listing details for Calgary communities.

    Get a free report delivered to your inbox every month.

    Request a Sold Report

    Testimonials

    Vivianne & Shaun

    Posted: August 5, 2015

    As first time home buyers, my husband and I were very apprehensive about many of the realtors we met at open houses. Our initial opinion was that realtors are not trustworthy and only want to make commission. This opinion has been completely changed by Tanja and Ariette!

    Read More Testimonials

    Real Estate Resources

    • Warranty on new-built homes in Alberta
    • Secondary suite in Calgary
    • Tips for real estate photography when selling your home
    • Real Estate Stats May 2022

     

    See More Resources

    Buy a Home in CalgarySell Your Home in CalgaryTanja and ArietteContact Us
      Real Estate Professionals

    Copyright © 2022 · Tanja van de Kamp & Ariette van Pelt · All Rights Reserved
    Real Estate Professionals Inc. · 202, 5403 Crowchild Trail NW
    Powered by the MLS · Privacy Policy