The Ontario Real Estate Association has released new research that shows the listing price of a home has a big impact on whether prospective buyers want to see more of a home.
According to the research, 75% of people living in Ontario who are planning on buying a home in the next two years say the listing price of a home has the biggest effect out of anything as to whether they want to see more.
- The listing sheet (56%)
- Interior photos (55%)
- Proximity to a highway (29%)
- Neighbourhood age distribution (23%)
- Average neighbourhood household income (22%)
“The first few weeks of the listing are the most important,” said Pat Verge, the president of the Ontario Real Estate Association in a press release. “The average time on market varies from area to area. However, regardless of the area, the first few weeks of any listing are important for establishing a good first impression and drawing interest. For eager buyers in a market with tight inventory levels, new listings are highly anticipated, and you can be sure that they will be paying attention to the price among other factors.”
Verge continued, “Setting the price is one of the most difficult and critical steps in the home selling process. If you set your price too high, many prospective buyers won’t even look at the property. If you set it too low, you could miss out on thousands of dollars. The objective, then, is to choose a price that is neither too low nor too high.”