What Should I Price My Home At?
There are so many things to talk about and consider when you’re listing your home for sale. From staging to improvements, then what to do about showings, and how to make your home the most inviting it can be, there’s a lot to consider. However, the major item of discussion is the price. Incorrect pricing can keep your home on the market longer, and even if it’s too high, cause you to end up selling for a lower price than you could have.
We consider the pricing decision to be the most important discussion we’ll have with you as a seller. And, make no mistake, as you’ll want straight, no frills advice to help you with this decision. Of course, we’ll do all of the quantitative and qualitative studies, gather data, and do one or more Comparative Market Analysis to value your home in the current market. However, there are some subjective factors that enter into your decision, and we help you with those as well.
Subjective Home Buyer Considerations
In working with buyers, we see the other side of the home sale process. We gather really valuable information in working with buyers, and we learn a lot about what they want. This information helps us to compare your home to what buyers want in the way of current features. We learn from their reactions and offers on other properties what they value the most, and what they’ll pay for certain home features and improvements.
CMA, Comparative Market Analysis
So, first we’ll do some quantitative research, a couple of CMAs (Comparative Market Analysis). We gather data on homes like yours in your area sold recently. We compare them to your home and come up with a tentative listing price based on what these other homes sold for. Then we do another CMA, taking the data from currently listed homes, your competition. This gives us a current look at the market and how your home compares with the competition. This allows us to amend our tentative list price to reflect current market conditions.
Using all of this information, and our experience with sellers and buyers, we may recommend some actions on your part to enhance your home’s value to buyers. From cleaning to staging and even some improvements, we’ll give you suggestions to increase your home’s value and cut the time it’s on the market.
Now that all of this data is gathered and you’ve made decisions as to what you can do to the home prior to listing, we can recommend a price that should get you a buyer and a closing in a time frame less than the average days on market for homes in the area. Why less than average? That’s because too many homes are overpriced, and this skews the average days on market to the high side.
The right price is the most important factor in listing a home that will sell inside your desired time frame. Let us help you.