{"id":299380,"date":"2024-03-18T20:29:16","date_gmt":"2024-03-18T20:29:16","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=299380"},"modified":"2024-03-18T20:41:34","modified_gmt":"2024-03-18T20:41:34","slug":"how-realtors-can-better-inform-clients-about-real-estate-list-prices","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/industry\/realtors-clients-real-estate-list-prices\/","title":{"rendered":"How REALTORS\u00ae Can Better Inform Clients About Real Estate List Prices"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_margin_tablet=”||-24px||false|false” custom_margin_phone=”||-34px||false|false” custom_margin_last_edited=”on|phone” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.24.2″ _module_preset=”default” custom_margin_tablet=”” custom_margin_phone=”30px||-10px||false|false” custom_margin_last_edited=”on|phone” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.24.2″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Industry” _builder_version=”4.24.2″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjI5MTUxOCJ9fQ==@” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” custom_padding=”16px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” hover_enabled=”0″ header_font_size_tablet=”42px” header_font_size_phone=”1.5rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”3.5rem” header_line_height_phone=”2.1rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}” sticky_enabled=”0″]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||1px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”15px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” hover_enabled=”0″ text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|desktop” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}” sticky_enabled=”0″]

If you\u2019re a Realtor<\/a> who is representing homebuyers, Wahi offers a variety of tools to help you keep your clients informed and manage their expectations effectively.<\/span><\/p>[\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||11px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]

By Josh Sherman<\/a>\u00a0<\/span>| 4 minute read<\/p>[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||26px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-18px||2px|||” custom_padding=”||7px||false|true” custom_padding_tablet=”||7px||false|true” custom_padding_phone=”|15px|7px|15px|false|true” custom_padding_last_edited=”on|phone” text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]

A home is worth what someone will pay, not necessarily anywhere near what it\u2019s listed at.<\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||39px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”16px||16px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” min_height=”158.4px” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]

\u00a0<\/span><\/p>\n

When a young Greater Toronto Area couple recently saw a spacious four-bedroom detached home in suburban Halton<\/a> Hills listed for $999,999, they couldn\u2019t wait to make an offer.

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The stunning red-brick home was located in a desirable neighbourhood near a good school, had lots of upgrades including a new kitchen, and featured a finished basement. It was exactly what they were looking for. It was also around their budget, which they had learned didn\u2019t go far enough for a detached home in the city of Toronto<\/a>. Almost immediately, the couple told their REALTOR\u00ae to place a bid of $950,000 on the home, having heard that many homes were selling under-asking<\/a>. They were excited to see how the seller would respond to what seemed like a good offer in a supposedly quiet market.<\/p>\n

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Their excitement soon turned to disappointment, though: in a massive bidding war, the listing ended up attracting more than 25 other offers. After just six days on the market, the house sold for $1,350,000\u2014a whopping 30% over asking.<\/span><\/p>\n

<\/span><\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ custom_padding=”32px||32px||true|false” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||25px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”21px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]

“A big percentage of the decision is emotionally based \u2014 both for the buyer and the seller.”<\/strong><\/span><\/h2>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”11px||14px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]

This scenario isn\u2019t uncommon in real estate<\/a> markets around the country. Certain price points will see more buyer competition than others, even when a market appears to be cooling overall. In what\u2019s become a common strategy, some listing agents are opting to price homes well below their true market value. Realtors use this pricing tactic to try and attract more bids \u2014 and sometimes it works. For example, in a situation similar to the one in Halton<\/a> Hills, a detached home in Ajax ultimately sold for $275,000 over asking. It had been unrealistically listed at $600,000 and attracted 60-plus offers in the process. What represents a below-market price may vary from market to market, but this tactic has been employed across Canada to varying degrees. <\/span>
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<\/span>Fortunately, there are a few ways Realtors house hunters to avoid falling victim to lowball listings that aren\u2019t actually within their budget.\u00a0<\/span><\/p>\n

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1. Suggest Trying Wahi\u2019s Free Home Value Estimator\u00a0<\/b><\/h2>\n

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Wahi\u2019s Free Home Value Estimator<\/span><\/a> can save homebuyer hopefuls a lot of disappointment. The tool, currently available across Ontario, is based on Wahi\u2019s proprietary home value estimation algorithm. Estimates appear alongside each listing, and the tool drills down into a variety of property characteristics for all housing types for a realistic valuation (here are the <\/span>top six factors<\/span><\/a> that affect a home\u2019s value). <\/span>
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<\/span>According to Wahi\u2019s estimator, the Halton Hills home that was listed for $999,999 but sold for $1.35 million had an estimated value of $1.26 million. While the tool isn\u2019t perfect, in testing it\u2019s proven to be the most accurate in Canada. It can quickly provide a reasonable estimate based on available listing information and should help manage expectations, although it provides too wide a range to use for actual bidding.
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2. Recommend Clients Check Out Comparables\u00a0<\/b><\/h2>\n

Anyone with a Wahi account has access to a treasure trove of data, including previous sold prices in a growing number of provinces. Encourage your clients to take advantage of this data. If they\u2019re looking for, say, a three-bedroom home in a particular neighbourhood, tell them to see for themselves what similar properties in the area have sold for recently. For condos, Wahi has launched a new feature on its website and app that shows all units for sale (and that have been sold) in a given building for easy on-the-fly comparisons.<\/span>
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<\/span>Of course, every home is unique and certain factors \u2014 such as a major renovation boosting the price or structural issues resulting in a discount \u2014 can mean two apparently alike homes have very different prices. But browsing comparables can help clients ballpark the value before getting too attached to a listing.<\/span><\/p>\n

<\/span><\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” height=”30px” locked=”off” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#f0faf4″ min_height=”334.8px” custom_padding=”3px||0px|||” da_disable_devices=”off|off|off” global_module=”849″ saved_tabs=”all” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.20.2″ _module_preset=”default” custom_margin=”|auto|3px|auto||” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|phone” custom_padding=”60px||43px||false|false” custom_padding_tablet=”” custom_padding_phone=”||65px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.2rem” custom_margin=”||25px|||” custom_margin_tablet=”” custom_margin_phone=”||||false|true” custom_margin_last_edited=”on|phone” custom_padding=”||0px||false|false” header_2_font_size_tablet=”2.63rem” header_2_font_size_phone=”2rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”2.5rem” header_2_line_height_last_edited=”on|desktop” locked=”off” global_colors_info=”{}”]

We put the real<\/em> back in real estate.<\/span><\/h2>[\/et_pb_text][et_pb_text admin_label=”Text” _builder_version=”4.20.2″ _module_preset=”default” text_text_color=”#e8db3a” text_font_size=”20px” text_orientation=”center” max_width_tablet=”” max_width_phone=”90%” max_width_last_edited=”on|phone” module_alignment=”center” min_height=”35.8px” custom_margin=”5px||35px||false|false” custom_padding=”||||false|false” custom_padding_tablet=”” custom_padding_phone=”|26px||26px|false|true” custom_padding_last_edited=”on|phone” text_font_size_tablet=”” text_font_size_phone=”0.85rem” text_font_size_last_edited=”on|phone” module_alignment_tablet=”” module_alignment_phone=”center” module_alignment_last_edited=”on|phone” global_colors_info=”{}”]

Join Wahi today and find out how easy it is to get real estate in Canada.<\/span><\/p>[\/et_pb_text][et_pb_button button_url=”\/ca\/en\/real-estate\/sign-up” button_text=”Get Started” button_alignment=”center” _builder_version=”4.20.2″ _module_preset=”default” custom_button=”on” button_text_size=”17px” button_border_radius=”7px” button_letter_spacing=”1px” custom_margin=”||||false|false” custom_padding=”|40px||40px|false|true” button_text_size_tablet=”” button_text_size_phone=”13px” button_text_size_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” height=”1px” custom_padding=”0px||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ admin_label=”Column” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_text=”post popup button” button_alignment=”right” module_id=”dipi_popup_id_295151″ _builder_version=”4.20.2″ _module_preset=”default” positioning=”absolute” horizontal_offset=”-10000000px” z_index=”-1000000″ global_colors_info=”{}”][\/et_pb_button][et_pb_button button_text=”page popup button” button_alignment=”right” module_id=”dipi_popup_id_295299″ _builder_version=”4.20.2″ _module_preset=”default” positioning=”absolute” horizontal_offset=”-10000000px” z_index=”-100000″ global_colors_info=”{}”][\/et_pb_button][et_pb_code _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”]