I have been asked by homeowners thinking of selling their home, how a Realtor® determines a price on a home? In determining the correct asking price for your property, you will need to have your REALTOR® do a Competitive Market Analysis.
The Competitive Market Analysis is done in two parts:
Similar properties that are currently on the market for sale
Similar properties that have recently sold.
By looking at comparable properties that are currently listed, we know exactly what a buyer has to choose from and what the buyer is comparing to your property.
In order to set a comparable price, the comparable sold properties have been analyzed and have been compared to your home features and location. Studying recent sold properties that are very similar to yours, we can see what the homeowners actually received for their properties when they sold. In doing this, you can develop a clear picture of the potential market price of your home.
It is understood that you want top market value for your property. By looking at the homes on the market that have not sold, we can determine the price point that a home should not exceed in order to get their properties sold. In properly pricing your home, we can get maximum dollar in the shortest amount of time.
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