How to Determine the List Price
Many factors influence the value of your home. When it’s time to set a price, here are the main ones we look at:
A neighborhood’s desirability is one of the biggest factors to determine a property’s value.
Buyers compare your property against others in that neighborhood. Available inventory will determine the demand for your property.
The property condition will affect price and speed of sale. Optimizing its physical appearance and condition will help maximize your property value.
The number one reason a home doesn’t sell in real estate is because the property is incorrectly priced.
By pricing your property at its true market value from the beginning, you will expose it to a much greater percentage of prospective buyers.
Keep in mind: a property attracts the most attention, excitement and interest from the real estate community and potential buyers when it is first listed on the MLS.
We will give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
What is a CMA ?
A comparative market analysis (CMA) is a detailed report that compares homes near you that have sold in recent months.
This is because a home is worth what a willing buyer will pay for it. Homes currently on the market are priced at what the seller hopes to get.
Sold homes, on the other hand, show us what buyers are actually willing to pay.
The goal is to find homes in your immediate area that are most similar to yours, analyze how quickly they sold and for how much.
This enables us to more accurately predict what other buyers will be willing to pay for your home.
What is Appraised Value?
An appraiser determines the estimated value of a property and is hired by the buyer’s lender to ensure that you haven’t offered the seller more than the home’s value and that the home complies with the minimal livability guidelines for loans.
One of the contingencies of the buyer’s offer is the appraisal. The lender will only loan you an amount of money up to the home’s current appraised value. This is why it’s so vital to price your home appropriately.
Note: Any repairs listed in the appraisal report as “required” ARE a condition of the sale.