Pricing your Home
When pricing your home there are many factors that Amanda Hill takes into consideration. Pricing is not only based on market facts and research but also qualitative data that might not be able to be measured. Every price is made in a strategic way so that the seller can get the most out of their sale. The value of your property is determined by what a buyer is willing to pay and a seller is willing to accept in today’s market. Buyers make their pricing decision based on comparing your property to other properties sold in your area.
Timing is extremely important in the real estate market. A property attracts the most activity from the real estate community and potential buyers when it is first listed. A property has the greatest opportunity to sell within the first three weeks on the market.
A valuation on a home can depend on market condition, competing properties, and time of year or inventory. While pricing is an ongoing discussion Amanda Hill has extensive education, training, and overall experience in pricing homes for her clients.
The role a REALTOR® has in pricing your home is extensive:
– They provide you with a comparative market analysis (CMA), a comparison of the prices of recently sold homes that are similar in terms of location, style, and amenities. A CMA is performed by comparing previously sold homes in the area, and currently active homes to your your competition.
– Provide you with the market value of the price and determine what the list price will be with market value in mind
– They will keep in touch with market trends and stay up to date with market activity.
It is so important to get an accurate proper price on your home because:
– It causes a faster sale and less inconvenience.
– It gives more exposure to buyers and REALTOR®
– It attracts higher offers.
– Generates more advertising and signs
Dangers of Overpricing:
– Limits Financing
– Less qualified buyer exposure
– Fewer Showings
– Less Agent Enthusiasm
– Minimizes offers
– Less for Sellers