Setting the list price for your home is perhaps the most important piece in determining the ‘positioning strategy’ for your home. Too high and you have buyers not even look at the property. Set it too low, and you leave money on the table. It’s critical that sellers look at the price for their home from an entirely objective (and not emotional) point of view. Remember, the market will determine the price at which any home sells, not our opinion of what it is worth.
Before we set the sales price of your house, I’ll run a Comparative Market Analysis (CMA) that will show the listing price of similar houses in the area as well as the prices at which the houses actually sold. Additionally, the analysis will give us information about houses currently on the market and about houses that were on the market but never sold.
Next, I’ll ask you about your goals in selling the house. Everyone who sells a house has different goals that need to be factored in when calculating the selling price.
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Market conditions will play a role in setting the sales price of your house. I’ll factor in how quickly houses are selling in your area, interest rates, the strength of the school system, and finally whether it is a buyer’s or seller’s market.
Here is a graphical illustration of the pitfalls of pricing your home too high….Price Pyramid