I always tell my clients there are 3 main components that will sell a home quickly, and for top dollar. The key is to make sure you hit all three.
In my last blog, we discussed the Pretty Home part. Now, let’s talk about price.
A common question I get at nearly every listing appointment is “Can’t we price our home a little higher to start and see what happens?”. The answer is no, nope, definitely not a good idea. A new listing will see a majority of it’s potential buyers within the first 2 weeks on the market. Don’t overprice your home during the period of highest activity, only to lower the price after the buyers are gone. In fact, a good rule of thumb is to price it just below market value.
Successive price reductions reduce the buyer confidence in your home. The price reduction method can ultimately result in your home being sold for less than market value!
To successfully price your home, your realtor should prepare a thorough CMA (Comparative Market Analysis) to review with you. This is a lengthy report of similar properties , in your area, that have recently sold and/or are currently on the market. This report assists in realizing the potential market value of your own home. Your agent will help with the pricing process, however, ultimately the price you want to list at is your call.
The CMA is not static, however. Since the market is constantly changing, you may have to revisit the CMA often should your home not sell right away. Not to worry, your agent will keep you notified of significant market changes!
Would you like to know the market value of your home? Fill out the form below and request your CMA today!