PRICING YOUR HOME TO SELL
The market price of a home is clearly what a buyer is willing to pay for it.
Now I’m not here to paint an ugly picture, I am here to give it to you straight. Setting the price right is the single biggest factor in getting the most for your house in the shortest amount of time.
I know what you are thinking. If I list it too low, I won’t have room to negotiate. Let me help! If your home is overpriced in this market, it will be impossible to sell until it is priced for the current market. Yes, I said Impossible! Buyers will not even come to look at your house. The buyers are the experts on the market. They know the competition well.
Neighborhood price comparisons are the only way to set the right listing price. If a home is reasonably priced and market-ready it still sells pretty quickly and usually within 3-5% of asking price.
The first step in pricing it right - Get a CMA from a Qualified Agent– A Competitive Market Analysis, keyword being “Competitive”! It is a summary of homes that are active, expired, pending and sold in your market.
Some facts about a CMA -
This is a report of ONLY your neighborhood.
Information is no older than 6 months.
Things to look at on your CMA
Active properties - These are your competition, go in a couple of them when they have their open houses. Look through their pictures online.
Þ Compare objectively, where your property is better, worse, bigger, smaller, more or less updated. So you have an idea of what the buyers will have to choose from. This information will go a long way in pricing your home to be COMPETETIVE.
Þ You do not want to be the most expensive home in the neighborhood
Most importantly, take a look at the SOLD homes. These are true to life numbers of what homes in your neighborhood will sell for.
My next post will be about How To interpret a CMA
For more seller tips go to www.LaurieHomeSales.com