When you are contemplating selling your Louisville home there are few things as important as settling on a price to list it for. You only get one chance to make a first impression and price is the first thing buyers normally check when looking at a MLS sheet. So how can you know you are getting the price right on your home?
Comparative Market Analysis
A comparative market analysis (CMA) is one of the best tools at your disposal for pricing your home to sell. Most real estate agents will offer to do a free CMA for you. A CMA report is based on the sales of comparable homes in your area. It can also give you an idea of how long these homes were on the market before selling. If a quick sell is a must for you, then by knowing what other homes are selling for gives you the advantage of pricing slightly below the average price and making your home stand out from the rest. Keep in mind that the quick on-line CMA's are no where a accurate as what a real estate can provide in person. Appraisals are another option, but they do cost around $200-$300 on average.
Location!
As everyone knows, location is the holy grail of real estate. Where you live plays a big part in what you can ask for your home. The more desirable the area the more you can ask for your home. Another thing to consider is how many other homes are for sale around you. The law of supply and demand comes into effect.
Things to Consider
There are lots of things that can effect what you may ask for your home. Normally, low interest rates mean you can ask more for your home. They certainly do help people be able to afford more because interest will take up less of the mortgage payment.
Size does matter in today's market as well. Where a few years back everyone wanted bigger and better, more people are downsizing to help control their costs. Your real estate agent can tell you how your home stands up to what people are looking for in your area.
Overall, having a great agent will make a big difference. You may not like what an agent has to say when it comes to pricing your home, but remember, they know what is happening in your market area. They want to help you sell your home. An agent that lets you overprice your home rather than tell you what price is realistic is NOT doing you any favors!
The bottom line is a home is really only worth what someone is willing to pay for it. If you are ready to sell your Louisville home and would like to know more about comparative market analysis, call Mollie Younger of Younger Group Real Estate! ! Their team can help you get the price right.
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