Pricing your Toronto home to sell is important to get right. After all, this is the number you are opening the negotiations at to sell your property.

When a price is too high, you’re almost guaranteeing your home will spend more time than perhaps what is needed to get sold and you’re sure to run off some buyers altogether. Comparatively, when a price is too low, you’re giving up money that would otherwise be yours.

In the current market, there’s a few different pricing strategies you could take on:

Price Your Home Below Market

You may want to price your Toronto property below market and hope it incentivizes a bidding war that drives up the final sales price. If there’s enough buyers making offers, that’s going to help in bringing you to the number you actually want and subsequently, the price will be low enough that it increases interest.

Price Above Market Value

A second strategy you may want to employ is to price above market value. This is sometimes done to appeal to sellers who want to negotiate downwards. Although it’s ambitious, this is not a strategy used often when pricing South Etobicoke real estate or Mimico real estate for three reasons – most Canadians don’t want to risk insulting the seller with an offer lower than asking, new listings are only ‘new’ for a few weeks, and you can expect to have an above-market value home sit on the market for a long time.

Price At Market Value

The third pricing strategy for pricing a condo or house in Toronto is to price it at market value. As the safest strategy to ensure you get a fair price while still selling quickly, there’s a lot of factors playing into how to price at market value. You’ll want to look at similar house or condo sales in your neighbourhood and on your street. Evaluate other properties on the market while you’re selling, current market conditions, and what may be the positives and negatives of your home.

How you price your piece of Toronto real estate sends a message. It communicates to buyers what your strategy is, how you value your home, and which buyers you may be chasing.

Currently, Toronto is still a seller’s market, but that does not mean pricing doesn’t count. The best activity a property receives is in the first few weeks after it’s on the market. Each of the pricing strategies mentioned can be weighed for what you’re hoping to accomplish in selling your property.

When you price your home correctly, you are almost always likely to see it sell quickly and for the best price!