How Much Should I Sell My New Home For?
your house is a tricky thing – not because it’s difficult to do, but because homeowners sometimes have difficulty pricing their homes.
Let’s face it. The decision to sell your home may be a very emotional one. For instance, you may be forced to downsize because of a career change. Or, you may be looking for a larger home so that you might start a family.
Regardless of why you’re selling your home, you need to know how to price it. So how do you do that? Let’s look at a few things you should consider.
What’s a Comparative Market Analysis?
A comparative market analysis, or a CMA, is exactly what it sounds like. With a CMA, your agent will take a look at other, comparable homes in your market area and analyze a bit of information about them. When performing a CMA, your agent will look at:
·What other homes in your area were listed at
·What they ultimately sold for
·Upgrades to the properties
·Geographical proximity to schools, landmarks and other locations
·Market trends in your area
·Future plans for the community
Of course, these are only a handful of considerations for your comparative market analysis.
Do note, too, that your agent will compare your house to others like it. If your neighbor’s 4,000 square foot home sold for $1M last year, it’s not likely your 1,700 square foot home will fetch the same price.
Determining Your Listing Price
Once you and your agent have performed a comparative market analysis, it’s time to price your home. But that’s not always as straightforward as it may sound. Let’s say, for instance, that similar homes in your area are selling for half a million dollars. Should you price your home for $500,000?
Not necessarily. First of all, when you price your half million dollar home, consider listing it at $499,00. This will allow buyers who are searching for homes under $500k to find your listing. Secondly, remember that you may not always get what you ask for. Market conditions could change, or you may simply find yourself in a situation where you need to move quickly.
Finally, remember that flexibility is critical. Changes in the market aren’t always anticipated, but that goes both ways. While you may find yourself selling your home for a few thousand less than the market price, you also be surprised to receive offers for more in a competitive
market.
Keep the Conversation with Your Agent Ongoing
Your agent is a critical component to your pricing strategy. He can first assist you in determining your home’s value as compared to others in your market, then will work with you to price your home competitively to sell it as quickly and profitably as possible!
Your agent has your best interest in mind! Enlisting a qualified agent to help you sell your home will ensure you get the best price possible, with minimal headache. Ready to get started? Let’s get in touch! Reach out to me on social media, or call me at [757] 206 - 2859 to begin your market analysis.