Pricing Your Home
Ensure Your Home’s Price Is Right
With the housing market moving forward, home sellers today must carefully balance the pricing of their homes. Price too high ahead of the recovering market and your property may languish as buyers look elsewhere. Price too low and you leave money on table, or in the pocket of the fastest qualified buyer.
That’s why a candid conversation with your local Prudential Seaboard Properties Real Estate Agents is the perfect place to start. Our agents thoroughly understand the current market conditions. They know your neighborhood and the factors driving home prices and demand.
They’ll explain that setting the right price begins with a detailed review of comparable home sales in the area during the past 3–6 months, and an assessment of comparable homes currently for sale. The condition of your home also figures significantly into its listing price — a nicely maintained home simply shows better and will sell for more than a comparable house needing work.
Have a CMA Conducted
Your Prudential Real Estate agent will be glad to perform a Competitive Market Analysis (CMA), an informal estimate of value based on comparable sales in the neighborhood. A CMA includes in-depth comparisons of homes’ size, age, location, and features to establish a fair price range for your home. Price adjustments can then be made for variances in home and lot size, upgrades, condition, and location.
Research the Competition
Of course, it’s never a bad idea to research the competition yourself. Search online for homes in your area, and attend a few open houses. Are these homes in better or worse shape than yours? Ask a friend to join you for an unbiased opinion.
Your agent may suggest you provide non–price incentives to bring buyers to the table, such as offering to pay buyers’ closing costs, providing a furniture or new–appliance allowance, or making additional repairs to the home. Nearly everything is negotiable.
Make Your Negotiation a Business Decision
Perhaps the best advice your Prudential Real Estate agent will give you is to remove emotion from the price–setting process. Treat this as a business decision based on facts and careful analysis. Even though you may have many fond memories of the house, or perhaps you may not get what you paid for the home, leave these factors out of the equation. Homes in good condition, listed at fair–market prices, will sell.
Contact your local Prudential Seaboard Properties Real Estate Agents today for a complete analysis of your home and market.