Pricing Your Home to Sell
Pricing your property competitively will generate the most activity from agents and buyers. Pricing your property too high may make it necessary to drop the price below market value to compete with new, well-priced listings.
The Importance of Pricing Right
- A property generates the most interest when it first hits the market
- The number of showings is greatest during this time if it is priced at a realistic market value
- Starting too high and dropping the price later misses the excitement and fails to generate strong activity
- Many homes that start high end up selling below market value
Dangerous Pricing Mistakes
Avoid the dangerous pricing mistakes that decrease your home's sale price.
The following video explains the key market principles for establishing your asking price including:
- What determines value
- How the market responds to your price
- Answers to the most common pricing questions
- How to benefit from this changing market
The Comparative Market Analysis
A comparative market analysis (CMA) is a side-by-side comparison of similar homes for sale and recently sold homes in your neighborhood. Real estate agents use CMAs to illustrate the range of homes in the marketplace and the features that make them unique, including age, location, number of bedrooms, baths, room sizes, updates, condition, etc. As a seller, you should be able to see where your home fits - in the top or lower price range of similar homes.
The single most important decision you will make with your real estate agent is determining the right asking price for your property.
Once you've achieved a realistic sales price, you can count on your property being professionally marketed and promoted to bring more buyers to your door. You can also expect to sell your home for the best possible price in the least amount of time.
The benefits of pricing right:
- Your property sells faster, because it is exposed to more qualified buyers
- Your home doesn't lose its "marketability"
- The closer to market value, the higher the offers
- A well-priced property can generate competing offers
- Real estate agents will be enthusiastic about presenting your property to their buyers