Asking your agent for a Comparable Market Analysis (CMA). Your Agent will gladly perform a CMA, which is an informal estimate of a home’s value based on comparable sales in the neighborhood. This includes detailed comparisons of homes’ size, age, location and features to determine a reasonable price range for your property. You can then adjust the price based on variables in home and lot size, upgrades, condition and location.
Steps for pricing your home
Price too high and your home may languish on the market. Price too low and you may short-change yourself in a recovering real estate market.
A well-devised price tag will take into consideration a detailed review of comparable home sales in the area during the past 3-6 months, as well as an assessment of comparable homes currently for sale. Of course, the condition of a home makes a difference in its price; properties that are adequately maintained show better and will sell for more than a comparable house subject to neglect or obvious wear and tear.
Researching the competition. We will research online for homes in your area and see how your desired price point compares. You can also attend local open houses to scope out nearby properties for sale. Is your home in better or worse shape? How does your home price stack up? Bring a friend along for an unbiased opinion.
Deciding what else you can bring to the negotiation table. Remember, nearly everything is negotiable in a home sale. Your agent may suggest providing non-price incentives such as: offering to pay closing costs; including furniture or items that caught a buyer’s eye; providing a new-appliance allowance; or fixing damages uncovered in a recent inspection. These stipulations may diffuse a buyer’s uncertainty or allow for wiggle room when you set a price on your home.
To be sure, a home is much more than the sum of its bricks and beams but a seller’s emotional attachment can throw the price-setting equation off track. Most homeowners naturally feel connected to their property, which is why an unbiased professional opinion is ideal. Your Agent is there to remind you that a house in good condition will sell. But if you’re still having trouble keeping feelings at bay, rest assured that the memories you made in your home will last long after the sale.
Ready to get started finding your perfect home?