Selling your home is not as easy as eating cake or reciting your ABCs. It takes careful planning, analysis and implementation. Moreover, the worst part of selling a home is figuring out at what price it should be sold.
Pricing your home takes a lot of careful study and research. Your home would sell depending on the right price you put on it. Although high prices are seen as a strategy that works in an accelerating market, it can be risky. High prices could lead to your home just sitting on the listing sites and would not sell for a long time unless you change the price. On the other hand, marking it at lower price could entail risks, as well. Buyers might doubt the durability of the house and its ability to withstand through time.
For a more reliable pricing, you can use the following tools, as stated by Realty Times.
The comparative market analysis
A comparative market analysis (CMA) is a side-by-side comparison of similar homes for sale, as well as homes that have recently sold in your neighborhood. Real estate agents use CMAs in order to compare features that make each home unique, including age, location, number of bedrooms, baths, room sizes, updates, condition, etc.
Upon deciding on selling your home, you must be able to see the whole picture - if the home will be in the upper price range or the lower ones.
The appraisal
An appraisal is a market analysis performed by a professional appraiser using a variety of sources, including multiple listing system data and conforming loan formulas.
Appraisers usually work for lenders in determining market values. Accordingly, appraisals will only come after an offer has been made when the buyer applies for a loan.
Other market data
If you hired a real estate agent to take care of the selling of the house, they have access to the data that you might not be able to gather yourself. Such data can provide trends over weeks, months and even years. Other agents pay for these data to help them in terms of pricing.
Whichever way you choose in assigning the right price to your home, be sure to always look at all sides. That way, you will be able to assess if the house is price rightly.
Are you selling your home? Do you think you priced it right?
