The Listing Price Makes A Big First Impression: OREA

The Ontario Real Estate Association has found that three-quarters of Ontario residents planning on buying a home in the next 24 months say the listing price makes a huge difference in whether they want to see more of a home or not.

“Setting the sales price is one of the most difficult and critical steps in the home-selling process,” said Pat Verge, the president of the Ontario Real Estate Association, in a press release. “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.”

The research also found that:

56% of Ontario residents say the features on the listing sheet have a big impact on their decision to see more, and 55% say the same for interior photos.

Factors with the lowest impact include the proximity to a highway (29%), age demographics of a neighbourhood (23%) and the average household income of a neighbourhood (22%).

Verge continued, “The first few weeks of the listing are the most important. 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 they will be paying attention to the price among other factors.”

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