Selling your home on your own will require research and legwork. Here, we'll share some tips that you might want to consider when pricing your home, including: Market, Comparable and experts.
Below are 3 things to consider when pricing your home:
Comparative Market Analysis (CMA) -- If you're working with an agent, you will automatically get a CMA, which includes recent sales and days on the market. Even if you're not, you should contact three agents and get three CMAs to review. Agents are used to pulling CMAs for folks since they are viewed as potential clients, so don't be afraid to ask -- you have to get this right! Chances are an agent will not even need to step foot in your house. Once you give them your address, they can create a CMA from the comfort of their office, though they might want to see your house to fine-tune the CMA.
Put yourself in the Buyer's shoes and see what else you could get for the asking price of your home. Often Sellers are too emotionally attached to their homes to objectively place a value on the property. Once you start looking around to see else is selling for that price, you might have a better idea of how appealing your house is in the current market. Source: Zillow
One of the most helpful tools when pricing a home for sale is "comparable," or prices that similar homes in the area sold for recently. This information is particularly important because if you price your home higher than other comparable houses in your neighborhood, it's going to stay on the market longer than a home that’s been priced in line with comparable.
When it comes to comparable (otherwise known as comps in the real estate industry), you'll want to find at least three houses in your neighborhood that are similar to yours in terms of square footage, condition and location. While many real estate agents rely on the Multiple Listing Service to get comps, homeowners can also find comps on real estate sites like Zillow.com and Realtor.com. The key when looking at comparable is to find homes that have already sold, not ones currently listed. Using completed sales gives you an accurate sense of what buyers are willing to pay for a home like yours. If you rely on current listing prices, you have no clue if the seller is underpricing or overpricing their home. Safe bet: go back as far as six months but not longer than that. The market can change a lot, even in half a year. Source: Investopedia
Ultimately, listen carefully to your agent’s pricing strategy. It’s their job to know what works and doesn’t. And as with any strategy, be prepared to have an ongoing discussion about pricing with your real estate agent.
Pricing a home isn’t a “set-and-forget” procedure. A lot of factors can come into play when selling or buying a home, and not all of them can be anticipated. If you can be flexible and react quickly to changing market conditions or new information, you’re more likely to get the best price with the least aggravation. Source: Rd
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