Pricing your home may very well be the single most important tool in your marketing plan. Proper pricing in the marketing mix may mean the difference between selling your home quickly and at the HIGHEST PRICE possible.
Many sellers and realtors, alike, make the mistake of pricing their home too high. It is easy to get lulled into the belief that your home ( and your emotional attachment to it ) is worth more --- than your neighbors. Well, it isn't.
Today's market is based on price AND today's lending practices are very conservative. Banks and lenders will look at the COMPARABLES. Not the asking price --- the SOLD prices.
Good real estate agents establish proper pricing after they assemble all of the information regarding the property, the house and its improvements. This will result in developing a Comparative Market Analysis (CMA). This in-depth report will help determine the proper price and position in the marketplace. It is important to challenge the price in the market when selling your home. To challenge the market means to price it at what other homes have SOLD or slightly under those recent sold comps. A range of similar homes where the property is located, and the recent selling prices in the area, will help determine the proper asking price. This CMA not only takes a considerable amount of time to develop, but also encompasses years of experience ( by the agent and broker ) in dealing with the LOCAL marketplace to properly evaluate and complete the report.
When compiling the information for the CMA, I, first take note of properties recently SOLD that are both comparable in style, size and location to your home. In today's economic climate that means SOLD within the past 3 to 6 MONTHS ( not 12 to 18 months ) In a fast-moving market, we will include only properties that have been sold or available for less than one year of your CMA. We also include properties currently under contract between 0-90 days. Properties currently on the market are used to gain a true picture of the competition. A graphic analysis will also be formulated to compare the relationship between the asking price, the selling price, and the number of days on the market for sold properties. These graphics will help you visualize how very important proper pricing is to a successful sale. The faster the property sells, the higher the price you will receive. Once the analysis is complete, senior management will review the CMA before it is presented to you, the seller. I consider myself a marketing specialist and I will present the CMA to you, reviewing all aspects of the analysis including pricing and answer any questions that you may have.
Feature: Establishing proper pricing after assembling all of the information regarding the property, the house and its improvements will result in developing a strong Comparative Market Analysis (CMA)
REMEMBER: The faster the property sells, the higher the price you will receive.
Know the sales value of your home and your neighborhood * based on actual market comps. Allow me to present a Comparative Market Analysis to you that is customized to your home, finances and your specific needs. This will give you detailed information about pricing and selling your home in the current market.
For more information about buying or selling your largest financial asset, contact me at CupaT@aol.com.
Copyright - Pamela Stetson 2010 , www.PamelaStetson.com