Ask Shawn and Sharon - Pricing your home right|
How do I know if my home is priced right?
Typically when you list your house, your realtor should give you what is commonly known in the industry as a CMA, or Comparative Market Analysis. This CMA will show you other houses on the market in your area that have recently sold (should be only in the last 6 months), are active on the market now, or have a contract on them.
You and your realtor will then make a determination as to how your house fits into the market in your area. Then you determine the price which makes you both comfortable. Listen carefully to what your realtor is telling you about amenities and things that will affect the price of your home, compared to other homes in the area. Carefully review the comparative houses that your realtor is showing you. Even though it may be in the same neighborhood, no two homes show the same, so some adjustment in price may be necessary.
Your realtor will then be able to help you to adjust your price according to how it is showing on the marketplace. Be sure to keep it clean, clean, clean! Also, replace worn carpets and outdated flooring. Giving a carpet allowance won't take away that first impression! A fresh coat of paint will always cost less than the shine it will bring to your home to enable your home to be the first to sell!
The market changes constantly, so take every opportunity to visit other homes for sale in the area during open houses and honestly evaluate your home against the others you have seen. Make sure you ask your realtor on a weekly basis for feedback from showings and to evaluate where your home fits into the marketplace once new homes come onto the market.
Your realtor cannot usually sell an overpriced home, no matter how well he or she markets, so give your home a once over, and an honest assessment! Remember, price fixes everything so if you really want to sell it fast........!!!!