When selling a house, and it may go without saying, price rules.
However, that’s not to say the lowest price always offers the best value, all things being equal.
What matters to buyers, is “bang for the buck”, or value quotient.
Take for example 2 townhouses down the street for each other. One is listed at $349,900, and the other $374,900. They were constructed by the same builder, are the same model and the same age.
At face value, the lower priced home seems more attractive. However, having viewed both, perhaps the majority of buyers favour the more expensive home based on upgrades, condition, location on the street, landscaping, and so on.
As such, buyers will compare “how much house” they are getting at each price point. They will calculate how much they will need to spend on the less expensive unit to bring it up to the standards of the more expensive unit (saving location as that cannot be changed obviously).
When it comes to home pricing, there are many contributing factors. Buyer’s, especially in a soft market, need to be convinced they are getting value for their hard earned dollar. The value quotient has to make sense!
A Mere Posting is defined as:
A listing on a Member Board’s MLS system in respect of which the Member has chosen or agreed not to provide services to the Seller other than submitting the listing for posting on a Member Board’s MLS® System. (Competition Tribunal Consent Agreement, October 25, 2010).
On other words, it allows a home seller to have their listing advertised on the MLS® without the necessity of having the real estate brokerage that posted the listing, represent the sellers interests with respect to the sale of their home.
A home seller who chooses to take advantage of a Mere Posting is looking for added exposure for their listing, yet is comfortable dealing with buyers and Realtors® on their own, without the representation of their own Realtor®.
Generally speaking, when a home seller uses a Mere Posting to gain access to the MLS® system in their area, they offer a “selling commission” to Realtor® with buyers, and this commission is typically 2.5% of the sale price, but, can be any percentage or flat fee that the seller is prepared to offer.
When it comes to a Mere Posting, a seller typically engages the services of their lawyer when it comes time to review an offer, something which would have been done by their Realtor® had they opted for full representation vs. the more basic Mere Posting.
Mere Postings are a popular, consumer friendly option for those who are comfortable taking on the sale of their home themselves, yet still see the benefit of exposing their home on their local MLS® system.
Jeff Usher is Broker of Record with Ottawa based The Usher Group Inc., Brokerage.