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Guide · Pricing strategy
Setting the right price without second-guessing
A simple 3-step method to triangulate your asking price using comparable sales, live competition, and demand signals.
Start with recent comparable sales
Instead of guessing, anchor your price to what similar homes actually sold for in the last 3–6 months. You’re building a realistic value range, not hunting for a single “magic” number.
1.1 Choose the right comparables
- • Same property type (condo vs. detached vs. townhouse).
- • Similar size, bedroom/bathroom count, and age.
- • Same micro-area (same building or close pocket, not just same city).
- • Sold recently (ideally within the last 3–6 months).
1.2 Normalize and adjust
- • Convert each sale to a price per finished sqft.
- • Note key differences: parking, suites, lot size, condition, renovations.
- • Adjust up or down for big gaps (e.g. new roof, basement suite, view).
Worksheet tip
In the pricing worksheet, use the first table to record your top 6 comparables, including their sold prices, size, price per sqft, and any key notes about condition or features.
Pressure-test against live competition
Buyers compare your listing to what else is on the market today. Check how your home stacks up so you don’t over- or under-shoot.
2.1 Find your true competition
- • Look at active listings that a buyer would realistically compare to yours.
- • Match by neighbourhood, size, style, and price band.
- • Note days on market and any obvious upgrades or drawbacks.
2.2 Decide your strategy
- • List-tight: closer to your estimate if inventory is low and demand is strong.
- • List-sharp: slightly under the average comparable to attract more showings quickly.
- • Avoid “testing high” — it usually means fewer showings and more price cuts later.
Competition check
- Your list price should make sense next to similar active listings.
- If your home is clearly superior, you might justify a premium — but keep it in the same “band.”
- If your home needs work, price it where buyers still feel excited to book a showing.
Watch demand signals and fine-tune
Once you’re live, the market tells you if your price is working. Track interest and feedback, then make small, intentional adjustments — not panicked moves.
3.1 Track buyer interest
- • Online views and saves or favourites.
- • Showing requests per week.
- • Feedback themes: “nice but overpriced,” “needs work,” “layout not right,” etc.
3.2 Decide when to adjust
- • Plenty of views but very few showings usually points to a price or photos issue.
- • Frequent showings with no offers may mean you’re just a little too high for the condition.
- • Use modest price changes rather than big drops to regain momentum.
Pro tip
When you change price, update your notes in the worksheet and add a short remark in your listing description so returning buyers notice the adjustment.