Thinking of selling your home this fall? The big question is what is my home worth?

Because this is truly a buyers market, to achieve a competitive edge a property must be priced right.  Gone are the days when a homeowner ignored the advice of the agent regarding list price.  There is almost no second chance; it has to be priced right from the start.

So, how can you price it right the first time?

Here are some factors to consider:

• Consult a real estate agent who will have access to current market data.  The agent will provide information on properties comparable to yours. 
• The market is changing quickly so if you had a market analysis done earlier in the year you need to have a new one done.  Besides resales, the market is affected by short sales and foreclosures which are contributing to a drop in value.
• The report the agent will generate for you is called a comparative market analysis or CMA

            To arrive at a fair valuation here are some of the items the agents will analyze:

1.   Active Listings - Properties that have not yet sold and will be your competition.  
2.   Pending Sales - Properties in-contract. These give a good indication of what is selling.
3.   Sold - This is key, as it shows what the consumer will pay for a house similar to yours. 
4.   Expired - This is also a category that should be examined. This shows properties that the      consumer may consider overpriced and will not buy. 

There are all types of properties on the market at a given time. The agent will look for properties that most closely match your property.  Here are some of the elements that are considered:

• Location - The agent will try to find comparatives closest to your property.
• Style, # of bedrooms, # of bathrooms, year built, basement, sq. ft, acreage, type of heating, AC, etc.
• Quality

So if you are serious about selling here are some points to keep in mind:

• Price it right and it will sell faster. Remember the property attracts the most attention the first week it is on the market.
• The longer it is on the market, the less showings it will get and it will sell for less.
• What you think you need to get does not matter - the market determines the price, not you.
• Don't fall into the over-improvement trap. Your agent can give you general advice as to what improvements truly add value.  Many improvements done by home owners cannot be factored into the price.

So, if you are thinking of selling, I would be delighted to help you find out the current value of your home.

 

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