So, you're thinking of selling your home? Determining its value is one of the early steps in the selling process. And it is VERY important to get right. See below for a discussion of why this is so crucial. There is a narrow margin between getting the most for your property without asking too much and getting what's appropriate for your property without asking too little. There are several ways to determine the value of a home:
No matter how much investigating you do yourself, when you're ready to sell you should get a professional opinion about your home's value. Agents and appraisers have experience doing this as a business and know the market and nuances about value. Again, I'd be happy to provide you a Comparable Market Analysis.
Price - The Crucial Factor
No single factor has more impact on the successful sale of your property than pricing. The price at which you choose to list your home will determine whether or not your home sells in a timely fashion, or sits on the market. It's a given that every home seller wants top dollar for their property, but determining a realistic asking price up front will ensure a quick sale and a great price, and there will also be a greater likelihood of competing offers. A home that's priced too high will sit on the market and after a while people start to wonder "What's wrong with that house? It's been on the market FOREVER!"
In a traditional market, a properly priced home should sell within 30 to 60 days of listing. Not only will an over-priced home take longer to sell, it is also likely to sell for less than it's actual value. Buyers tend to discount listings with longer than average market times. Typically, the seller realizes that it is fruitless and often times costly to continue asking for such a high price, reduces the price and eventually sells the home, sometimes for less than the revised asking price. Obviously, pricing your home to low will result in less money in your pocket. A balance between value and price must be found.
When pricing your home consider:
So how do you know what the right price is? Price is determined by several key factors:
An experienced real estate agent will take all these factors into consideration in determining a realistic asking price for your home. Remember, there is a narrow margin between getting the most for your property without asking too much and getting what's appropriate for your property without asking too little. Beware of agents whose opinion of value is considerably higher than others. They are probably just trying to get your business and will end up lowering the price once it's on the market anyway. It is important to make sure the price is attractive enough to still attract serious offers. You need an agent that will spend the time involved in getting the CMA right - someone who understands just how crucial that initial market price is. I'm happy to provide a complimentary Comparable Market Analysis for you. Besides, whether you're interested in moving now, three months from now, or three years from now, it's helpful information to have.
Jessica was a dream Realtor! She took the time to understand what we wanted, worked with our busy schedules to view houses, and then when it came time to put in an offer and throughout the entire purchasing process, she educated and "held our hand" through it! We felt that she always had our best interest at heart and that she kept us in the loop through the whole process. We HIGHLY recommend having Jessica as a Realtor!