Pricing your home to sell!
Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.
If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.
The secret to pricing your home correctly is perfecting a technique that’s as American as apple pie: comparative shopping.
Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.
A responsible real estate agent will effectively evaluate a home’s worth by using a process known as Comparative Marketing Analysis (CMA). Taking a look at assets, such as larger than normal living spaces, a fantastic view, adjacent parks, recreation facilities, and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. A good agent will also look at similar properties that are under contract, those that didn’t sell (expired listings), and homes currently listed for sale in your area in order come up with a recommendation of a realistic price range that will help your sell your home for the most money in the least amount of time.
However, your motivation for selling your home and factors such as the amount of time needed to sell your home will determine where in that price range your home should be listed. If you are interested in selling your home, but more interested in getting top dollar, you may want to price your home between the middle and the top of the range your agent gives you. This decision will most likely result in fewer showings, and more time on the market. If you are serious about selling your home, and want to move fairly quickly, you may want to price your home between the middle and the lower end of the price range your agent suggested. If you are under time constraints because of unexpected job changes or if you need to move very quickly for whatever reason, you will need to price your home very competitively, which may mean at the bottom or a bit below the range your agent provided.
Being realistic and objective about what you see as the home’s greatest strengths and biggest weaknesses will also help an agent evaluate and market your home successfully. Try to think of your home as if you were the buyer. Given the current market conditions, other homes available on the market, repairs or updating that might need to be done, and a variety of motivations for buying a home, what would you be willing to pay for your home right now, today? If your home is listed at the right price, you are well on your way to a speedy and fruitful sale.
Tags: Advice for Sellers, Century 21, Century 21 Hecht Realty, comparative market analysis, lake norman, mooresville, north carolina, pricing a home, real estate, selling a home, statesville, tips for sellers, Troutman
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