Frustrated sellers will blame a bad market, while a real estate professional will tell you that most often, a slow sale is attributed to the listing price. If a home is overpriced, buyers will not view the home. But, if the price is competitive with similar homes in the area and "shows" better than the competition, it has a greater chance of being sold.
A professional real estate agent will effectively evaluate a home's worth through a Comparative Market Analysis (CMA). By considering such amenities as larger square footage, spectacular view or over-sized lot with RV parking, the agent will begin to compare your home with similar properties. What is considered is homes that have sold in your area within the last six months. A point of high importance is the amount of time needed to sell your home can affect the pricing recommendation dramatically.
The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six month. Any longer, and factors such as the economy, could obscure your view of how much your home is really worth.
I can determine the normal duration that listings are on the market and can explain that the marketing "model" will vary with prices and properties. If you are under a time constraint because of family issues or a closing date you made on another property, this will narrow your chances of selling your home for the highest price.
How to Price:
Pricing your home is the most important issue you will face. Pricing will determine:
- How quickly your home sells
- How appealing your home will be to buyers
- Your financial outcome
Try to put yourself in a potential buyer's shoes when considering pricing. A buyers' main considerations will be location, age of property, its condition and style and of course, price. Thinking objectively about these things will help you determine a price based on fair market value. Fair market value is defined as a homes' worth in the current market, not the amount you or your buyers would like it to be.
Being open and honest about what you see as the home's greatest strengths and biggest weaknesses will help your agent get a better feel for how to best assess and market your home.
Do you have questions?
I hope you found this information helpful, If you need more information, please let me know!