How do I, as your Realtor®, determine a listing price range for your home?

By
Real Estate Agent with Keller Williams of Central PA RS334568

Determining a listing price for a home is a process that requires time, the resources (to pull the pertinent data), and the understanding of what data is relevant (to compare and contrast).

1.)  When I am providing my professional services to guide a seller through this process, first, and foremost, I will visit the subject property.  The purpose of the visit is to meet with the seller at the home and clearly explain all the factors that go into determining a listing price range for a property as well as to discuss the features that are compelling about this particular home.  Sometimes the seller has no prior knowledge of the details of the property (ex: estate sale) but if the seller was also the homeowner, I love to hear more about the home directly from them.  

2.)  During my visit to the property I will thoroughly view the interior and exterior of the home accompanied by the seller.  I will be opening closets and shower curtains, asking about recent updates, questioning about items to convey, and viewing the property grounds to see the boundary lines .  I will go into the basement and up to the attic (depending upon accessibility).  I will be taking detailed notes and perhaps taking some photos too (just for my own use) and I will be asking lots of questions as well as addressing your specific questions and concerns.

 

3.)  Once I have gathered some needful information about the property, I will return to my office to:

- Transcribe my notes into a formal document 
- Acquire the tax ID and pull tax history
- Obtain current property tax information
- Verify the property zoning
- Locate the property on the FEMA Flood zone map
- Determine if the property is eligible for USDA financing based on the USDA map
- Review the real estate history data
- Gather property sketches 
- Contact HOA to gather pertinent documents as well as confirm HOA fees


4.)  Once I have thoroughly compiled the subject property information into a formal file, the next step is to search the MLS data for 'comparable' properties that have sold, are pending sale, have expired or have been withdrawn, as well as currently active listings.  I start with the closed transactions (within the past 3-6 months if possible) since the market has clearly spoken regarding those homes.  A buyer has purchased property A for B amount of dollars.  I will generally gather my data based on homes that have sold within the same geographic location (county, township, school district -drilling down to the elementary school, if possible, subdivision, neighborhood). 
If this is a unique property, I may need to stretch my parameters to gather an ample supply of sold data. 


Some of the factors I take into account:
- Square footage of the home (above and below grade)
- The year the home was built (factoring in for updates)
- The lot size
- Improvements and features (pool, finished basement, new kitchen, master en suite, garage attached/detached - number of garage space(s)
- Central air or window units                                   
- Public water or private well
- Public sewer or private septic
- Waterfront access
- Number of bedrooms
- Number of full baths and half baths
- Formal dining room and/or eat in kitchen 
- Flooring (wood, carpet, ceramic tile, linoleum) 
- Countertops (granite, corian, marble, butcher block, formica)
- Grading of property for full usage of land
- Fireplace(s) (propane or wood burning)
-In-law-quarters, accessory unit(s)
-Central air or window units
-Style of home
-Road access (public, private)
-And other factors that are specific per home.

No two homes are identical.  Even when a subdivision has built exact replica spec homes, you will find that homes differ based on where they are located within the subdivision and particular upgrades that may have been added.  Once the MLS 'comparable' homes have been pulled, now it's time to contrast the data.  I will look at photos (if available) and see what features are similar (similar kitchen cabinetry and countertops in both homes) and what's different (subject home added a sun-room).

The real estate market is a living/breathing organism made up of humans that have recently bought or sold a home so it's important to recognize that determining a listing price is subject to real-time conditions.  It's crucial that the data be gathered in a timely fashion and be up to the minute.  

Once all the information has been assimilated, I will then present my findings to the seller.  I will offer a listing price range based on the what the market reflects.  My seller and I will then discuss the benefits and disadvantages of pricing the home at the top of the range or the bottom of the range, or somewhere in-between.  As your agent, I am here to guide you every step of the way through this significant portion of the home sale chapter.

I look forward to assisting you with your real estate journey.
Click here to view my reviews and obtain my contact information.

Photo Credits:
Window Photo by Michael Mroczek on Unsplash
Yellow Door/Green Door Photo by Christian Stahl on Unsplash
Kitchen Photo by Aaron Huber on Unsplash

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Topic:
Home Selling
Location:
Pennsylvania Cumberland County Carlisle
Tags:
cma
comparative market analysis
realtor carlisle pa
real estate agent carlisle pa
determining a sale price

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Rainmaker
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Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Kevin J. May - I completely agree and I too will never walk into an appointment blindly.  I do love the aspect of visiting the home and discovering what I may or may not have expected!

Oct 05, 2018 12:28 PM #2
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Thank you Kevin J. May - Love that ... and here's to wishing that all of your wishes always come true!!

Oct 05, 2018 01:44 PM #3
Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Maria - and that's how a pro gets it done. Your list and methodology are perfect. I can easily imagine you get hired right away after a listing appointment. If not, they sellers made a big mistake. 

Oct 06, 2018 07:14 AM #4
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Debb Janes EcoBroker and Bernie Stea JD - Thank you.  'Diligent' is the only path I know ...  

Oct 06, 2018 07:44 AM #5
Rainmaker
5,584,659
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home sellers will be in very good hands when they select you as their listing agent.

Oct 07, 2018 10:00 AM #6
Rainmaker
1,415,549
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Great post that shows why you are a go to agent! Btw...amazing new photo....wow

Oct 07, 2018 04:57 PM #7
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Roy Kelley - Thank you for your recommendation. It is always greatly appreciated!

Oct 07, 2018 07:16 PM #8
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Jeffrey DiMuria 321.223.6253 Waves Realty - You've mentioned how you despise the monthly challenges but changing my profile pic was in response to an October challenge.  Perhaps now you'll reconsider your opinion??

Oct 07, 2018 07:20 PM #9
Rainmaker
3,319,216
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Careful comparisons of condition and updates make all the difference in your detailed list to get the price one that the market accepts.

Oct 08, 2018 02:40 AM #10
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Sally K. & David L. Hanson - Yes indeed, each step in the process is crucial and certainly the condition and updates are huge factors.

Oct 08, 2018 05:42 AM #11
Rainmaker
5,584,659
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Monday morning, Maria. Have a great day and an outstanding week.

Oct 08, 2018 07:30 AM #12
Rainmaker
2,706,851
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Carefully thought out steps Maria Sapio for you to provide the best information and service to your clients.  Well done!

Oct 08, 2018 08:23 PM #13
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Thank you Roy Kelley or stopping by, and I hope yoou enjoy a great week too!

Oct 09, 2018 03:07 AM #14
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Lisa Von Domek - I do appreciate you stopping by to read my post and I appreciate your gracious comment.

Oct 09, 2018 03:09 AM #15
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

 It is wonderful that you still use the old-school approach of visiting the property to ascertain the price. That’s where a lot of analytical companies miss their mark. Keep on surpassing your clients needs and your career will soar Maria Sapio 🤓

Oct 09, 2018 06:18 AM #16
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Paul S. Henderson, REALTOR®,CRS, - I contacted an agent that had listed a property for sale one day to ask some specific questions about the property before I scheduled to bring my buyers.  The agent hastily responded that he had never actually been inside the home!! I will remain 'old school' and continue to offer my clients a thorough and detailed analysis!

Oct 09, 2018 07:17 AM #17
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

You know, we operate in much the same way...almost down to each detail, Maria. I do a lot of the 'preliminary' research so that if they have questions when I make the visit, I've got them on my laptop. Some of them want an 'instant' visit and I can't do the research but, of course, we get through it!

Great post, Maria! Happy Wednesday...

Oct 10, 2018 05:28 PM #18
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Debe Maxwell, CRS - If my approach mirrors yours then I am certainly up with the best since I hae the utmost respect and admiration for the way you conduct your business!  Thank you!

Oct 11, 2018 02:01 AM #19
Rainmaker
3,874,774
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Maria Sapio,

You are a professional and your sellers see the care, research and effort you put into your appointments. I can see you are 'old school' and offer your clients a thorough and detailed analysis. Kudos to you..the way it should be done.

Oct 12, 2018 05:05 AM #20
Rainmaker
559,551
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Dorie Dillard CRS GRI ABR - I was having a conversation with a new listing client the other day and I said if the online 'estimates' offered by various websites could be trusted as being accurate,  I would have so much free time, I wouldn't know what to do with myself!!  To create a full CMA is time absorbing and yes, those 'old school' methods are still alive and well with this agent!  I greatly appreciate your gracious comment.

Oct 12, 2018 06:01 AM #21
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