The correct selling price of a home is the highest price a market will bear. To assist you in determining the correct asking price for your home, you should be provided with a comprehensive market analysis of comparable properties that have been recently offered for sale and sold, under contract presently or the listing period expired. This analysis is based strictly on homes that can be considered similar in your subdivision or very close proximity to yours and has been specifically prepared for you over the last few days.
This “comprehensive” property analysis is divided into four categories:
- Similar properties that are currently listed.
- Similar properties that have recently sold.
- Similar properties that have sales pending.
- Similar properties that have failed to sell.
By carefully studying the comparable property locations, features, and the terms under which they are offered, you can develop a clear picture of the potential market for your property.
By looking at the properties currently listed, you can see exactly what alternatives a serious buyer has to choose from, and be certain that you are not under-pricing the property.
By looking at similar properties recently sold, you can see what homebuyers have actually received over the last few months. This is the acid test that is used by lending institutions to determine how much they will be willing to lend a buyer for your home.
While we naturally want top-market value for the home, we can agree that there’s a point where the price would be too high. By looking at other homes that didn’t sell, we can accurately determine the price point and be careful not to get too close to it. By doing our homework, you can get maximum dollars in a reasonably short period of time.
Go over the market analysis with your agent, ask any questions you need to clearly understand the information provided and you will be comfortable when the house goes on the market. If you have questions or need a market analysis of your home, email me.