Pricing Your Home
Setting the right price from the start is the key to selling your home in timely, efficient manner. To determine the price, I will perform a Comparative Market Analysis (CMA). A CMA evaluates the prices of nearby homes that have been recently listed or sold. This report combined with your home's unique specifications will help you and I accurately determine the right price for your home. An impartial evaluation of market activity is the most effective way to estimate a property’s potential selling price.
A Comparative Market Analysis considers similar properties that:
Have sold in the recent past
• This shows us what buyers in this market have actually paid for properties similar to yours.
Are currently on the market
• These are properties that will be competing with yours for the attention of available Buyers.
Failed to sell
• Understanding why these properties did not sell can help avoid disappointment in the marketing of your property.
The highest level of activity is generally in the first few weeks after the home has been properly prepared and is new on the market. Your pricing strategy is a critical element of the overall value proposition. Depending on your market and the property, there are different strategies that may make sense.
A common mistake is to price the home too high and end up chasing the market. In most cases, the property is eventually sold for less than it could have been in the early stages. You may also incur significant additional carrying costs and the purchase price and mortgage payments for the next home may have also increased. Homes that are on the market for long periods of time may also get “labeled negatively” (sometimes referred to as a "stale listing") by potential buyers and buyer’s agents.
• If you price too high, many potential buyers will not look at your property.
• If you price too low, you may not get the highest return on investment.
• It is critical you step out of the shoes of the seller and pretend you are a buyer to fairly assess your competitive positioning