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Difference with the Asking price vs Selling price


Strategically pricing your home is vital to getting it sold for the best price  in the least amount of time. Priced too low and you lose value. Priced too high and you lose buyers. Here are a few factors to take into consideration:

1. Market

For the buyer - The ability to submit an offer below asking price right now is that it’s a buyers market. Banks do NOT lend more than the valuation price so it doesn’t depend on how much the owner believes the property is valued at but what a valuation report states.

Buyers also can’t expect an owner to go under valuation price, as this will cause the property to lose value. But hey, sometimes you get lucky.

For the Sellers - When you price your home properly, you’ll have the possibility of many more buyers competing for your property.

2. How long has this listing been available?

By paying attention to the property history, you can get a better idea of the demand for that house
If the property has been on the market for a few weeks its going to be a lot harder to offer much less than valued. A whole year on the market, with price reductions? Go ahead and roll the dice. The longer a house has been on the market

3. How does the price compare to similar homes in the area?

Once you have a general sense of how much wiggle room you have to work with, it's time to look more specifically at recent sales in your desired neighbourhood or market , this gives you a better sense of whats available and realistically attainable within your budget.

When you price your home properly, you’ll have the possibility of many more buyers competing for your property.

4. How badly do you want the home?

Last but not least, ask yourself: How would you feel if your offer got rejected? If you think that you'll regret missing out on the home, it may be worth it to consider offering exactly what they're asking for—or a bit more—to seal the deal that the home will be yours.