Some homes sit on the market for a year while others sell like hot cakes!
PERCEPTION: Frustrated sellers will often blame bad market conditions.
REALITY: If a home is overpriced, buyers will stay away.
The Secret: Homes Compete with Homes.
Although comparing houses with different styles, square-footages and locations is challenging, we are good at it and feel it’s one of the best methods to use when determining a home’s market value.
We will effectively evaluate your home’s worth through a process known as Comparative Marketing Analysis (CMA). Taking a look at assets, such as neighborhood, size of living spaces, disposition of view, adjacent woods, commons and parks and other attractions, we will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, the agent is able to recommend a realistic price range that will ensure you top dollar. However, factors such as the amount of time needed to sell your home can alter the agent’s price recommendation dramatically.
As your local real estate professionals, we determine the typical duration that listings are on the market and explain the marketing “norms” that vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market.
Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.
The best comparisons can be made with similar homes that have been sold within the last 45-90 days as opposed to the standard six months. Any longer and other factors, such as the economy & seasons, even election years, could cloud your view of how much your home is really worth.
Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you. A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.
Being honest about what you see as the home’s greatest strengths and weaknesses will also help us get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.
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