There are many factors involved in determining an effective list price for your home. Since there is no exact computer formula to be used, it is important to work with a Realtor who is detailed, analytical and knowledgeable about current market conditions.
PRICING YOUR PROPERTY
The single most important decision we will make together is determining the right asking price for your property. The benefits of pricing your property correctly include:
- Faster selling time—the closer your price is to market value, the better your chance of selling it
- A well-priced property can generate competing offers (subject to market conditions)
- Today’s buyers are very well educated. The serious ones are more likely to only visit properties they feel are priced well.
To determine your home’s market value, I will prepare a comprehensive comparative market analysis (CMA). A CMA is an indicator of what today’s buyers are willing to pay for a home. As part of my analysis here are some of the factors I will look at:
- Time of year
- Current number of properties for sale
- Properties which have recently sold
- Properties that have been for sale longer than the average time or properties that didn’t sell
- Home size
- Location on the street (or floor level in a condo)
- Additions, renovations, or general overall condition of the home
- Features that buyers are currently looking for
- Proximity to schools, amenities, parks
- Factors which could be deterring for buyers
While the CMA is generally done before we are ready to put the home up for sale, a second CMA will be done the day before we are go live to the marketplace to ensure our strategy is still on point.
If you would like to learn more about your home’s value. I would be happy to schedule a no obligation review – or just arrange a time to chat about your home. I believe in building long term relationships with my clients so my approach is always work with whatever timeframes you have in mind. If you would like to chat I’m here.
Here are some statistics that outline the importance of proper pricing: