How to Determine Your Home's Price when Selling in Canada

So you've decided that it's time for a change. It's time to sell the house and move somewhere else, either out of area, or somewhere else in Canada. The question then becomes how to determine the asking price that you're going to set. Of course the first step is to determine your actual property value, which a real estate agent may be able to assist you in. This a pretty straight forward process you can get out of the way simply by having an expert come in and look around. Once it's done, however, this alone won't determine the price you set. Consider the following factors:

Market Conditions

You'll have to start by determining the current conditions of the market. Is the current state of the housing market where you're at in Canada one that sways in favor of buyers and sellers. It's actually a fairly simple determination to make. If there are a large number of people looking for homes but not many people selling, then you have the advantage, it's a seller's market. That's one factor that will benefit a sale with a high price. On the other hand you may have to sell low, especially if you're in a hurry to sell if the market is in reverse. So with a large number of people selling and less people in search for a home, it will be a buyer's market. In the latter case, you may want to sell low, especially if you want to sell quickly or sometimes at all.

Timing

There is actually a great deal of truth to the conception that houses will sell more slowly in the winter, and more quickly usually around late spring going into the summer. More people are moving therefore more people are buying. A time of ice snowy weather will all but bring your selling process to a freeze.

Other than seasonal conditions you'll also want to consider timing as it relates to your situation. Are you looking to sell quickly or do you have all the time in the world. If you want to sell quick you may have sell cheap, but if time is no object you may want to consider holding out for a better deal and set your price higher.

Are You Buying?

If you're going to purchase a home after selling your old one, logic of course would dictate that the price should at least come close to the new home, if nothing else to cover the costs. So if you're paying high you'll have to sell high for your own sake, but if it's a fairly low priced home you could get away with setting it low. With that in mind you'll want to apply your pricing strategy accordingly to both match your situation and maximize your own benefit.

As you can see it's a fairly simple process to determine an asking price for your Canada based home you'll be parting with. However, it's also a very delicate process. It requires you to balance things and consider all conditions as they apply to your situation. With the help of a good real estate agent (or otherwise a lot of homework if you'll be selling as the owner) you should get through the process just fine.