Pricing Your Home Right

Properly pricing a home is a critical first step in the home listing process. It involves performing a thorough Comparative Market Analysis (CMA) to accurately determine where the true value range of the property lies. This price thus becomes the price entry point with which to enter the market.

 

 

Often, homeowners have a price in mind when they decide to sell a home. This price may or may not be realistic. It is up to the professional agent to have the necessary “hard” conversation with the homeowner. An agent's job is to be honest and thorough, especially where pricing is concerned, even if the homeowner has a different figure in mind.

 

An important factor to consider is that many buyers will require a loan to purchase their desired home. Their lending institution will likely utilize an appraiser to determine the price of the property. They will not lend beyond that appraised price value figure. The house must appraise, or the sale may fall through.

 

There is no point in listing a home for sale and entering the market at an inflated price point. Home buyers are too savvy and well-schooled. Buyers search the web and evaluate many properties. An incorrectly priced home will likely garner little attention from the market, often evidenced by a lack of showing activity and offers.

 

Do you want your home to sit or do you want it to sell? It must be priced competitively. Price it right, market it well and it will sell!