Proper List Pricing
A proper list price that reflects current and realistic market conditions is critical to getting your home sold quickly. We don’t want you to under–price, but it’s worse to over–price in any market. Buyers discount value by DOM - Days On Market. The longer a home stays on the market, the greater they’ll discount their offers. Establishing a realistic list price is how we make sure your property sells without languishing on the market.
How do we come up with a suggested list price that reflects your home’s competitive position? It’s a combination of services and experience, and we’re going to be very careful and detailed in our analysis and market evaluations to make sure that you don’t leave money on the table or sit around wondering why you aren’t getting offers.
Our evaluation of how your property compares to the current competition is the first step. We then may suggest some worthwhile corrections you can make to improve that position. Once we know what your home will look like when listed, we’ll go into our thorough CMA, Comparative Market Analysis, process.
First we select comparable properties out of those sold recently and in the neighborhood or nearby. These “comparables” or “comps” are selected based on similarity in features, location and characteristics with your home. They should have been sold as recently as possible in order for the sold prices to be of maximum value.
The next step is to go through a detailed “adjustment” process to adjust their sold prices for any differences with your property. For example, if a home has one more bedroom than yours we would adjust that property’s sold price downward for the value of one bedroom to make the comparison “apples to apples.” We make adjustments for garages, bathrooms and other major features to bring our comps to closely compare with your home to arrive at a preliminary listing price for your home.
CMA of Current Listings