Correctly pricing your home for sale right from the beginning may be the single most important decision a seller has to make. Typically, urgency is greatest during the first few weeks a home is on the market so priced right the chances of getting the highest price for the home is key.
The following steps can help you determine how to set the selling price of your home. A REALTOR® has the tools available to help you achieve them:
1. Get a Comparative Market Analysis (CMA) to help you accurately determine the selling price of similar homes. A CMA provides information about recent selling prices of similar properties in your market. They also include information about area homes that failed to sell in recent months along with their corresponding list prices.
2. Analyze sales data and market research.
3. Make an impartial assessment of how homes for sale in your neighborhood compare to yours in terms of size, location, amenities and condition.
4. Hire a trained appraiser. Appraisals generally are used by lenders to ensure they do not underwrite a property for more than it is worth. Appraisals also are used when a property’s value is difficult to assess due to a lack of recent real estate activity in a specific market, for example. Always keep in mind that an appraisal is just the opinion of one trained professional based on past sales data, location, lot size and the condition of the property. Having an appraisal before putting your home on the market means that there is little to negotiate when it comes to the price you chose.