When you are getting ready to sell your recreational home, you will need to come up with a listing price. Most people who are selling their cottage have a difficult time coming up with an accurate price even with the help of a Realtor. If you have had your cottage for an extended period of time, it is a place that you associate with fun times. You have had fabulous BBQS and bonfires there, your kids probably learned how swim there – maybe even your grandkids too. The cottage is your oasis from the hustle and bustle of the city and home to some of your greatest memories. And now you have to put a price tag on it.
Pricing a home is part art, part science and it is always a little subjective especially when it comes to recreational properties. Cottage country is now a buyer’s market and pricing your cottage correctly is more important than ever. As buyers have more properties to choose from, you must price your home to stand out from the competition by offering great value for the money.
What your Realtor should do, is compare your geographical property to other similar properties on your lake or nearby surrounding lakes. You need to keep in mind that it is more difficult to find comparable cottages in the Near North as the number of homes and cottages are much lower than in cities. Additionally, it is hard to find two identical properties as the geographical landscape can vary greatly from property to property – even on the same lake.
When you are selling a cottage, it is important to understand that overpricing a property can be an expensive mistake. When your recreational home is overpriced, it can and often will sit on the market for an extended period of time. Buyers will assume that there are problems with the home even if the only thing wrong with the property is the price.
Many sellers assume that potential buyers will make low offers on a cottage that are overpriced. However, most buyers do not want to insult a seller or waste their time. If they feel a property is overpriced, they will move on to another. And because it is a buyer’s market, they can.
When you are getting ready to sell your cottage, make sure you seek the advice of a Realtor in the area. They should be aware of comparable properties and local real estate trends. The bottom line is that in the current market, the pricing of your cottage needs to be realistic. If you are thinking of selling your cottage property in the Near North, feel free to contact me directly for advice.