Pricing Your Home

By
Real Estate Agent with AgentOwned Realty, Heritage Group, Inc.

Pricing Your Home

So you are ready to consider selling your home or you have to put it on the market?  Maybe you have an idea about what your house is worth or you know what you want for it.  Either way, what you are able to sell your home for is what the market will bear.

When I met with sellers, I always tell them in order to sell your home you need to price it according to the market.  Granted we all might think our home is worth $1 million, but what is a buyer willing to pay.

Realtors(R) use a Competitive Market Analysis (CMA) to determine a price for your home.  This is not an appraisal that is completed by a licensed appraiser!  A CMA is completed by agent pulling comparables (comps) for sold homes with similar features to yours.  Normally, the Realtor will go back 6 months to a year depending on how many sales have occurred during the time frame.  

The Realtor, then compares your property to the comps.  They look at things like $ per square foot, location, condition and any upgrades to the properties.  From this, the Realtor develops a price for your property.  Many Realtors use the Multiple Listing Service tools to complete their CMAs and other Realtors use a hybrid system of their own.  

It is critical when pricing your home for sale to know your competition (or other similar properties for sale).  Where are the homes priced? How does your home compare to the other properties? But you need to know your competition.

As a seller, you need to return to what is your goal and purpose for selling.   If you want to sell quickly, you need to be very competitive with other similar properties.  If you have time to wait, you have more flexibility in pricing. Be honest with your Realtor and yourself and your Realtor will help you price your home to position it in the market to help you reach your goals and sell your home.

Kim in Sumter

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Information and Content in this blog is original to Kim Peasley-Parker unless otherwise stated.

Kim Peasley-Parker, Sumter Real Estate

 

 

Kim Peasley-Parker

Realtor (R) /Shareholder

AgentOwned Realty Company

Heritage Group, Inc.

Cell 803-840-7519

Email: kim@agentownedrealty.com

 

 

 

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Topic:
Home Selling
Location:
South Carolina Sumter County
Groups:
AgentOwned Realty
Tags:
selling your home
shaw homes
sumter home sales
kim peasley parker
kim in sumter
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Rainmaker
222,607
Scott Baker
www.eHomeReports.com Coldwell Banker West Shell - Liberty Township, OH
Realtor Homes for Sale in Cincinnati, West Chester, Mason, OH Area

Very good Post. Simple and easy for a seller to understand. If only they would "listen" to the market. Those that do, sell. Those that don't, blame EVERYTHING and EVERYONE else but...themselves.

Sep 09, 2010 02:34 PM #1
Rainmaker
328,663
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

Thank you Scott.  I have to agree that sometimes getting sellers to price it right is very very hard and then they want to blame others.

Sep 09, 2010 04:15 PM #2
Rainmaker
169,012
Richard Ruggaber
Metro Life Homes - Los Angeles, CA
California Real Estate - (818) 422-5035

Kim you are so right.  It's all about pricing it right from the get go.  You have one shot when you first hit the market then it becomes stale and each week you are knocking dollars off that list price.

Sep 09, 2010 04:55 PM #3
Rainmaker
328,663
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

Richard- So true in our market it seems like lowering the price later only costs you more than pricing it competitively the first time.

Sep 10, 2010 02:57 AM #4
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Rainmaker
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Kim Peasley-Parker

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