Dorchester Ontario Real Estate Not All Realtors Are The Same
Dorchester Ontario is a few miles east of London, a short commute and is the residential and commercial core of the municipality of Thames Centre. With easy access to the 401, this quiet community is ideal for those who travel for their employment, yet, close enough to London to shop, work & visit.
|There are four schools in Dorchester. As with most of the schools in the areas surrounding London, they are part of either the Thames Valley District School Board or the London District Catholic School Board.
In 2019, 81 houses in Dorchester changed hands through MLS from $299,900 to $875,200 which was 99.81% of the asking price and on the market an average 34 days. Twelve townhouse condos sold in Dorchester as well, from $404,000 to $629,900, averaging 81 days on the market and selling for 99.8% of the asking price.
In 2018, 69 homes in Dorchester sold through our MLS system; the average sold price was $495,698 which was close to the asking price and the length of time to market was a median 16 days!
How Would You Choose a Price When Selling a Home in Dorchester Ontario?
How to price a home in Dorchester Ontario to sell is what every homeowner wants to know so they can receive as much money as possible and sell in a reasonable time frame. The natural inclination is to price the home a little higher, thinking they can always come down later if need be or that buyers are going to offer less anyway.
But listing your house in Dorchester Ontario at a price that is too high frequently nets the seller LESS money than an original price at market value. Why is this? Because, when most people are looking for homes in your price range, they will reject your home in favour of other homes in a reasonable price range.
Buyers know prices, they may have already been in 6-10 homes, they can compare, and in the long run, the buyer will decide if your home is priced right! No offers on your house after 15 days, what do you think the reason was?
So you price your home high, thinking you can come down. The problem is, the Realtor and buyer community don’t look at it that way. They see it as an overpriced house. After a few weeks go by, a few open houses, signs, agent tours and not a nibble.
Finally, to attract attention back to your home, you’ve reduced your home price more than you ever thought you would, and you’re now getting much less than if you had priced it correctly in the beginning.
And think about this: The money you lost is not just the lower sales price, but all the extra interest you paid on your mortgage…all the additional property taxes and other carrying costs that accrue while your home is waiting to sell. I’ve seen it happen time and again!
I call it chasing the market, it’s like falling off a cliff at night, you know you are going to hit bottom, but you don’t know when!
Real Estate Fact: The Seller Is Solely Responsible For How Much, and How Quickly Their Home Sells!
Overpricing almost always increases time to sell and adds to your carrying costs. The most common mistakes home sellers make when choosing a price.
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