You've outgrown your home and its time to move on.... you're going to sell your home and embark on a new adventure.

Unfortunately, potential buyers don’t care about how long you obsessed over choosing the perfect bathroom tiles or the number of carpenters you interviewed to make the perfect built-in bookcase. To the buyer, those items may not matter to the value of the home, even if you think they should.

When it’s time to sell, you have to price your home right, using tangible factors. Here are six rules to remember:

1. Price is king

Your asking price determines how long the home will sit on the market. Pricing the home too high may reduce the number of interested buyers, which can cause your home to sit on the market too long. If your house is on the market too long, it may create the perception that there’s something wrong with it. It can also lead a buyer to think that you’re desperate for an offer. You want to avoid these outcomes and not overvalue your home.

On the flip side, pricing the home too low may create some skepticism and raise unwanted questions about the home’s true value. This will hit you in the bank account if multiple offers don’t drive the price up to its true market value.

2. Use comparable sales 

The simplest way to figure out the right price for your home is to compare similar homes that have sold in your neighborhood. Instead of skulking in the shadows and casing the neighbor’s house, call Travis for an update on nearby stats.

3. Compare fairly

Make sure your comparison is fair. If there are neighborhoods in your city that are more desirable, consider that in your comparison. Also consider your location and what buyers want. 

4. Check the market history

To get a more comprehensive picture of the real estate market in your neighborhood, check the listing history of a home. Compare the original asking price with the final sale price, and note the amount of time the house was on the market until it sold. I can help you with this step.

5. Consider special improvements

Consider whether major improvements you’ve made warrant a higher asking price. If you’ve remodeled the kitchen and put down a new parquet floor, or if you really feel the special woodwork details will clinch the sale, make sure those enhancements are reflected in the price of the home. Be reasonable. Don’t be surprised if you don’t get as much money as you expected—improvements don’t always recoup their cost.

6. Don’t ignore supply and demand

In a buyer’s market, with many homes for sale and sellers competing for attention, you may want to ask a bit less for your home to make it more attractive to potential buyers. In a seller’s market, where there is little home supply and much buyer demand, you may want to ask a bit more and maximize your profit.

Updated from an earlier version by Craig Donofrio

SURREY, BC – In March, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reached the highest they’ve been in nine years. The Board processed 1,857 sales, a 47 per cent increase compared to the 1,259 sales in March of last year. Sales during March of 2006 were 2,072.

Jorda Maisey, President of the Board, attributes the strength in the market to a number of factors. “Our population is growing, interest rates continue to remain supportive of housing demand and consumers are confident. It all adds up to a desire to invest in real estate now.”

In March, the Board processed 11 per cent more new listings compared to March 2014, however higher sales eroded the number of active listings. March finished with 8,193 active listings of all property types, 7 per cent fewer than available during the same month last year.

Maisey adds, “It’s important to emphasize that supply and demand vary depending on property type and location. Currently, demand for single family detached homes is outpacing supply in most Fraser Valley communities resulting in lower inventory levels, upward pressure on prices and homes selling faster than they did last year.

“For buyers looking for a detached home or in certain areas a townhome, your REALTOR® will advise that selection is limited, you will have less time to make decisions and their ability to negotiate a lower price for you is diminished. This is not the case if you’re looking to invest in an apartment or an acreage property where the market continues to favour buyers.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in March was $588,500, an increase of 4.5 per cent compared to March 2014 when it was $563,400.

In March, the benchmark price of townhouses was $299,700, an increase of 0.9 per cent compared to $297,100 in March 2014. The benchmark price of apartments decreased year-over-year by 2.4 per cent, going from $195,400 in March 2014 to $190,800 in March 2015.

In March, the average number of days to sell a single family detached home in the Fraser Valley was 38 days, down from 44 days in 2014. Townhomes took 48 days on average to sell, while apartments took 61 days, both comparable with March of last year.