Cora Shields has been a long time resident of Elliot Lake
49 years, and over 29 years as a Real Estate Professional
My thorough knowledge of the city, as well as designation as a Broker, have contributed to my success.
This gives YOU an advantage having a solid negotiator with extensive knowledge and expertise on your side.
Helping you is what I do
The Benefits of Pricing Right
Items to consider:
The price you pay for your house has a lot to do with your income and your debt load. As a rule of thumb, most buyers can purchase a home between 1 ½ to 2½ times their annual income. This will of course depend on the market prices in the area in which you are interested.
In general, your monthly mortgage payment should
not exceed 28% -30% of your gross monthly income
There are several reasons why people overprice their property:
- Extensive renovations/hidden costs - Desire to purchase in a higher-priced area - Original price paid for home was too high
- Lack of real marketing information - Trying to build in room to "bargain" - Perceived emotional value.
Many home sellers believe that if they set the price of their property higher at the beginning, they can lower it later. Unfortunately, when a property is set too high, it often experiences little activity.
Eventually the price will come down to market value but by that time it's been on the market too long.
The price may even have to be dropped to below market value because the seller runs out of time and the result is that the property result is that the property sells for less than it is worth.
You may think that the right buyer can always "make an offer" but if the home is overpriced, potential buyers looking in a lower price range will never see it.
Call or email Cora for a free home evaluation price of what you should put your home on the market for.