How do you determine the right asking price for a property, and what factors do you consider when setting this price?

BY ANNETTE EDWARDS, CENTURY 21 EDWARDS REALTY

There are many things to consider when determining the asking price for your property. Begin by organising an appraisal with a trustworthy local agent who understands the area you are selling in.

A good appraisal should be in writing. It will reflect the property's condition, realistically factor in current market conditions and be supported by comparable properties – ideally within a few kilometres of the subject property. Recently sold properties and other similar listings coming onto the market in the area should also be taken into consideration.

Remember an appraisal is not a valuation – only an agent who is registered can provide a valuation. Organising a current market appraisal is just the first step to selling your home for the best possible price. Other important considerations when pricing a property are:

• Local schools: Is the home in zone for desirable schools?

• Proximity: Is the property close to shopping, entertainment, recreational centers and parks?

• Transport: Is there good access to transport in the area? Will people be able to get to work easily?

• Renovations: Home improvements such as a pool, new kitchen or bathroom, and the quality of the update, will also affect the price of your property.

Finally, I like to take the time not just to learn about my vendor's home but also their history in the home. Things such as how long they have lived there, what they love most about the home and why they enjoy living in the area. A great agent will consider all these factors to create a tailored marketing strategy and help you to determine the best listing price for your property.