How does a REALTOR® establish the selling price of my house?
To attract buyers and ensure you receive a price that works best for you, your Realtor will help establish your home’s current market value. "Market value" (given sufficient market exposure) is what you could expect to pay for a property of that kind.
Realtors have access to information from various sources to help establish market value. When retained to advise on pricing questions, Realtors can:
- review the stated value on your current BC Assessment Property Notice
- review recent sales and current listings history for properties like yours
- do on-site inspections, examining the exterior and interior of your property in detail, noting new features that could affect the property’s value
- give you information about the current economy and how it may have affected the value of your property e.g. an improving economy may mean rising prices, while a declining economy may mean falling prices
Based on this information, your Realtor can provide an estimate of the value of your property and then, together, you can establish an appropriate asking price.
Most successful home sellers have something in common: they use a Realtor to help them through the complex process of selling their home.