When you’re getting ready to sell your home, one of the most important decisions you’ll make is the getting the price right. It’s easy to focus on things like curb appeal in preparation for showings, but none of that matters if you can’t get potential buyers to the home.
Pricing your home right is key. Getting it wrong could cost you big bucks.
If your Home is listed above market value, you’ll likely miss out on prospective home buyers; they will simply move on to the next home. If you list below market value, you may sell quickly for a price that is not the best value for your home – leaving money on the table.
Get a Qualified Evaluation
There are dozens of websites that claim to know your home’s value, but as you dig into the research you’ll find that these numbers are rarely accurate. No computer can generate a number that best reflects the most current home sales in your neighborhood, taking into account all of the features that make your home unique. Only a real person can do that, so it’s critical to work with a real estate agent who will help you get the price right for your market.
Your agent will also walk you through a recommended pricing strategy based on a comparative market analysis. Ultimately, the price is your call. Just remember that getting it right from the start can make all the difference in how quickly your home sells and how much money ends up in your pocket after closing.
What Exactly is a “Comparative Market Analysis”?
By now you may be asking yourself what a “Comparative Market Analysis” (CMA) is? The CMA is determined by pulling comparable properties in your general area that have sold in the past 4-6 months. Properties are assessed for selling price, time on the market, improvements, square footage, and other variations that are then used to give you an approximate value of your home.
Because real estate markets change so rapidly, a CMA can be out of date in just a few months in some markets. It is always important to have a current CMA when you’re considering selling your home. I have tools available that help determine a Realistic Price from the very beginning which often results in excitement and interest from potential buyers when it first hits the market. Improper pricing at the initial listing misses out on this peak interest period and may result in your property languishing on the market, which may lead to the below market value sale price, or no sale at all. Reducing the price later will not generate the same level of interest. Your home has the highest chance for a successful sale when it is new on the market and priced RIGHT.