Pricing Your Home
The art and science of pricing your home. Achieving the optimal price is the result of research into comparable properties, expert knowledge of the current market, and insight to the psyche of the current buyer.
The right price should:
- Attract buyers
- Allow you to earn the most money possible
- Help you sell as quickly as possible
Your home's price is the most attractive or unattractive feature. It's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your memories and attachment to your home impact your better judgment - overpricing is a common mistake that can cost you in the end.
The Importance of Proper Pricing
- Faster sale and less inconvenience
- Exposure to more buyers
- Better terms of the offer
- Attracts higher offers
- Leads to more money for seller
- Avoids playing catch up to the market, netting you far less in the end
What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing.
The Role of a Real Estate Agent in Pricing
- Provide you with a comparative market analysis (CMA), a comparison of the prices of recently sold homes that are similar in terms of location, style, and amenities. A CMA is performed by comparing previously sold homes in the area, and currently active homes to know your competition.
- Guidance on how to increase the value and make your home more attractive to the current buyer market
- The market determines value…together we determine the price.
- You determine the price based on the factors you control:
- Updates made to the home: Decluttering, fresh paint, power washing, etc
- Staging your home
- Condition
- Exposure metod
- Keep in touch with market trends and keep up to date with market activity of comparable homes
- Estimate your net proceeds.
An agent has NO control over the market, only the marketing plan. Never select an agent based on price.
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