MARKET PRICE

Pricing a home correctly is essential to getting your home sold in the fastest amount of time and for the most money. There are several factors that go into how a REALTOR® suggests your home be priced.

First we analyze recently sold, comparable properties. We choose several homes in your area that share similar square footage, bedrooms, baths, functionality and upgrades. How does your home compare to those?

Secondly, we consider the other homes on the market listed for sale right now. This is your direct competition. Not only will buyers’ agents be researching what has sold recently but they will also compare your home to others that are currently on the market when they recommend an offer price to their clients.

Finally, let’s consider how the real estate market is performing. Market conditions are a significant factor on the market value of your home. It could be a seller’s OR a buyer’s market. If it is a seller’s market, where there are fewer homes available than there are individuals looking to purchase them, buyers are competing with one another. When there is high competition between buyers, it typically results in multiple offers and the waiving of common contingencies. If it is a buyer’s market where there are more homes than there are people looking to buy, buyers tend to be less aggressive in their offers.

critical. When a home is priced above market value, the number of qualified buyers who will arrange for a showing decreases significantly because they are comparing it to other properties online similarly priced. Conversely, pricing a home under market value can encourage more showings and interest.