Pricing Your Home in a Shifting Lethbridge Market (and Why I’ll Turn Down the Listing)
Updated: 4h
The Lethbridge real estate market is changing, which means I have to turn away listings now and then. I know — a REALTOR® who turns away business? Let me explain.
In meeting with homeowners over the last few weeks, a theme kept surfacing. That is, we've returned to an era of aspirational pricing. The spread between market pricing and the money a seller hopes for has widened. I turn down the opportunity to list a home when a seller can't hear my advice on strategic pricing.
The Agent Promise to Get "the Most Money Possible" Has a Qualifier
Every REALTOR® promises to get you the most money possible for your home. I make that promise too — it's a big part of what we do for our sellers. And truly, when you sell, three things should be on your radar: the most money, the least amount of stress, and the shortest time to get it done.
But there's a qualifier. Our job is to get you the most money possible in today's market — the most the market will bear. Not the COVID market, not the 2006 boom market. Today's market.
What the Market Says Versus the Price You Want
When I put together a market analysis for your home, I'm looking at what similar properties in your area have sold for recently. That gives us a realistic price range based on what Lethbridge homebuyers are paying right now.
A REALTOR® isn't a magician. Maybe you've painted, cleaned, and cared for your home for years. That all helps it show beautifully. But if recent sales don't support an extra $40,000, buyers won't pay it. Buyers do their homework, and so do their agents. They know when a home is overpriced.
Why Overpricing Costs You More
Research and experience tell us the same story again and again. It's not only that you'll get an offer well below your list price. It's that an overpriced home sits on the market longer, and every extra month of mortgage payments, taxes, utilities and insurance comes out of your pocket. Not to mention the stress of waiting for and managing showings. More than that, you'll walk away with less money than you otherwise would have, had priced it correctly from the start.
It's worth repeating: an overpriced home generally nets you less money overall.
Pricing Strategically in Today's Lethbridge Market
It's still a healthy market. But you have to price strategically, and you have to be ready to adjust quickly if the market tells us to. The market knows when a home is overpriced, and it will punish homeowners who try to disagree with it.
Thinking About Selling?
If you have questions about getting the most money for your home in today's market, give me a call or send a text at 403-382-7335. Let's talk it through!
Want to see the whole process first? Read How to Sell Your Home in Lethbridge and grab our free guide, A Homeowner's Guide to a Successful Sale: 9 Critical Steps.