Pricing your home to sell

One of the biggest factors in making sure that you’re getting the most money for your home, is determining market value. It’s our responsibility as brokers to help take the guesswork out of that process.   I can’t tell you how many clients begin the pricing conversation with “I need to net x amount to buy my next house.” No matter whether you're selling a house or lemonade, pricing must reflect what the market will bear, not what you need to net as a seller. Your pricing should focus on the value as determined by information compiled in a comparative market analysis (CMA), and your Realtors expert knowledge of the area. While your agent understands your motivation and what you need to achieve your goals, they also help you understand the realities of the current marketplace. A CMA is a comparison of similar homes for sale and recently sold homes in your neighborhood, it shows the homes and the features that make them unique, including age, location, number of bedrooms, baths, room sizes, updates, condition, etc. As a seller, you should be able to see where your home fits – in the top or lower price range of similar homes. Pending sales and the most recent solds are the best comps, prices for homes on the market often reflect prices that homes won’t sell for. This Week’s Real Estate Insight It’s your agent’s knowledge and experience in the local market that can take the numbers and put them with other market conditions. She or he will help you read the market, and help you choose the right price, based on current market trends. Ultimately, you are the one who will choose your listing price, based on your understanding of the data and your own motivation, so you have to ask yourself this, is it more important to get your house sold or get the price you need?