Pricing your home to sell

By
Real Estate Agent with RE/MAX Victory

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

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Topic:
Home Selling
Location:
Ohio
Tags:
real estate market
selling your home
dayton real estate
remax agent
beavercreek homes
dayton realtor

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Show All Comments
Rainmaker
515,078
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

Pricing your home right is the key to a fast sell.

Dec 08, 2011 01:38 AM #1
Rainmaker
518,302
Terry McCarley
REMAX Trend - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL

Pricing your home right is always the way to get your home sold quickly and for the best price. 

Dec 08, 2011 01:46 AM #2
Rainmaker
40,955
Laurie Scalf
RE/MAX Victory - Beavercreek, OH

Thanks for the comments! It's always good to price it right to begin with instead of months into the listing, when it is already stale. 

Dec 08, 2011 01:53 AM #3
Rainer
205,129
Candy Miles-Crocker
Online Real Estate Agent Training - Chevy Chase, DC
Realtor - Real-Life Real Estate Training

Laurie, what sellers need to understand is that buyers are extremely savvy and are looking at the comps and are well aware of what your home should be selling for.

Dec 08, 2011 02:40 AM #4
Rainmaker
40,955
Laurie Scalf
RE/MAX Victory - Beavercreek, OH

That's a good point Candy. Buyers are a very educated bunch these days! 

Dec 09, 2011 01:28 AM #5
Rainmaker
932,993
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

No doubt. . . and don't you love the sellers that say - "well let's just price it here and see what happens." 

We can tell them what will happen - nothing! 

Apr 11, 2012 08:43 AM #6
Rainmaker
40,955
Laurie Scalf
RE/MAX Victory - Beavercreek, OH

Yes Joy, I stopped doing that. I think I would rather be the 2nd agent in that case!

 

Apr 12, 2012 06:03 AM #7
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Rainmaker
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Laurie Scalf

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