Choosing the right price to list your home at is both an art and a science.
First of all, you need to decide on an offer strategy. Are you taking offers at any time from a Buyer or are you holding off on offers and trying for a multiple offer situation on a designated offer night? The strategy you choose will affect the price you and your Agent decide to list at. If you decide to take offers at any time, your list price will typically be closer to what the home is valued at and a price that you would be willing to accept. If you decide to hold an offer night, the list price will be below value, hopefully encouraging more people to place an offer and therefore resulting in the highest sale price possible. The latter option must be executed with tact and finesse as this can be stressful for Buyers and no one wants to feel gouged.
Second, your Agent also needs to look at what other homes comparable to yours have sold for recently on your street and the few streets around you. This will affect the price a Buyer is willing to pay for your home. You can’t expect to earn tens of thousands more dollars on your home if similar ones around the neighbourhood aren’t garnering those prices.
With continued low interest rates and few available listings to buy in most areas, it is still a seller’s market. If your house is priced right for the strategy you have picked, your house should sell reasonably quickly. Discuss the pros and cons of each strategy with your Agent and then make your decision based on your goal and comfort level.