Figuring out at what price to
list your home is crucial in selling it successfully. Obviously, you want to
get as much money as you can for your home. But often, sellers want to price
their homes according to how much they want or need to get out of the
sale—prices that have nothing to do with the home’s market value.
A few things to keep in mind:
- Realistic pricing will achieve the maximum price in a reasonable time.
- Your cost or profit is irrelevant; the market determines the price.
- The cost of improvements is almost always more than the added value those improvements confer.
- Houses that remain on the market for a long time do not get shown.
- A house that is priced right from the beginning achieves the highest value.
What does affect your home’s
value? Buyers. Specifically, what the buyer is willing to pay in today’s market
based on comparisons to sold properties in your area.
To find the value of your home, we’ll do a comparative
market analysis, assessing the location and characteristics of your home and
comparing those to similar homes that have sold in your area. The market analysis takes into account the amount received from recent
sales of comparable properties and the quality of comparable properties
currently on the market.
The goal, of course, is to find a price that will
attract a willing and able buyer in a reasonable time.
Once the value of your home has been determined, we
can decide on the listing price. Generally, the price should not exceed the
home’s value by more than 5% or potential buyers may not even make offers.
Naturally, if you want to sell quickly, your asking price should be very near
the value.
