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| A Successful Sale Requires the Right Balance |
Selling a home can seem like a complicated process to many homeowners, especially if they're confused with regard to finalizing their listing price.
Price is the single most important factor in determining the successful sale of your home. Your real estate agent will
prepare a comparative market analysis or CMA
to help you determine the optimal point at which to list when selling your property. In
addition to hiring an expert agent, you can take some steps on your own to
assist in the process and ensure that your home finds a buyer. So just how can you find the right listing
price and make the most of your home’s sale?
The best way to determine your
home’s listing price is to conduct a survey of the other homes in your
neighborhood and perform a quick comparison of similar properties to help
provide you with an estimated listing price.
To conduct your quick comparison, here is what you need to examine:
To conduct your quick comparison, here is what you need to examine:
How your Home Measures Up
Make a list of the features of your home and compare them with others on the block. Every homeowner modifies their home according to their preferences, and it is quite possible that although the exterior is the same, the interior may add or detract from the value of the home. Real estate agents are frequently asked to prepare a market analysis sight unseen, so informing your agent of upgrades, renovations and other changes to your property will help to ensure the accuracy of your CMA.
Make a list of the features of your home and compare them with others on the block. Every homeowner modifies their home according to their preferences, and it is quite possible that although the exterior is the same, the interior may add or detract from the value of the home. Real estate agents are frequently asked to prepare a market analysis sight unseen, so informing your agent of upgrades, renovations and other changes to your property will help to ensure the accuracy of your CMA.
Determine the square footage of
the living space; age and condition of the house; the number of bedrooms and
bathrooms in the home; availability of amenities, appliances and other upgraded
features; the overall size of the property including the yard; the condition
and upkeep of the structure; and finally; the location of the home, which can
greatly impact its value.
Previously Listed Prices
Consider the listed prices of the homes in your neighborhood. Look as far back as 3 months ago if the market is stable. However, in fast-paced markets, you may even consider only the prices listed in the past 60 days.
Consider the listed prices of the homes in your neighborhood. Look as far back as 3 months ago if the market is stable. However, in fast-paced markets, you may even consider only the prices listed in the past 60 days.
The easiest way to compare home
prices on your own is to search online. Real estate listing websites can provide
you with the information you need to discover the prices of homes that have
been put on the market in the previous months. Simply use your zip code to gain
an estimate of the prices of homes in your area. It is important to understand when using
these sites that the information provided is aggregated from many sources, and
may not be entirely current or accurate. Therefore, listing sites should be
regarded as providing only cursory guidance.
Your real estate agent will be able to provide you with additional
information on your market and your home in your CMA.
Selling Price
Anybody can quote a high price
and put their home on the market to be sold, but the listed price does not determine the true value of the home within
the local real estate market. In order to discover the worth of the houses
surrounding your property, you need to determine their actual selling price.
For many homes, the actual selling
price will vary greatly from the price that was originally listed by the owner.
Delays in the sale of a property are painfully common when buyers and sellers
struggle to come to an agreement on the value of the home. It is best to demand
and list a realistic price for your home, especially if you are in need of a
quick sale.
What's In Demand
After evaluating your home, and the ones surrounding it, you will become aware of the features that have resulted in the final selling price of the neighboring properties. This will provide you with an estimate of the local rates. Accordingly, you can analyze the features of your property, comparing them with the sold homes and determine the right listing price for your abode.
After evaluating your home, and the ones surrounding it, you will become aware of the features that have resulted in the final selling price of the neighboring properties. This will provide you with an estimate of the local rates. Accordingly, you can analyze the features of your property, comparing them with the sold homes and determine the right listing price for your abode.
If you are seeing an emerging
trend of unsold properties in your area, try to discover why they are not being
sold. Has your neighborhood become too noisy and crowded? Are those homes in
poor condition? Do they lack modern amenities? Once you discover the reasons,
try to correct them within your own home to increase its demand. Your agent will be able to provide you with guidance
on the corrective action necessary to effect a successful sale.
A listing price that is too high will turn the
buyers away, whereas too low a price may be unfavorable for you. So opt for a
balance, and find an experienced local realtor to sell your home.Are you selling a home in the Riverside or Orange Counties? I'm here to help. (951) 310-0397
