What Should I Price My Home At?
When you are listing your home for sale, you will have a large number of things to consider; from staging, improvement, what to do about showings, and how to make your home the most inviting. However, the most important item is price. If your home is priced too high, it may stay on the market longer and can even end in you selling the home for a price lower than you could have. Along with this, of course, if you list the home too low you will not be getting the value it's actually worth.
Pricing is considered the most important thing you must discuss with the listing agent and they should give you advice based on quantitative and qualitative studies. However, there will be some subjective factors that enter into your decision process.
CMA, Comparative Market Analysis
CMAs are a vital part in deciding the appropriate listing price for you home. This is done by gathering data on homes like your in the area that have been recently sold or are currently listed for sale. This data is then compared with your home to give you a listing price. This effectively looks at current marketing conditions and will give you a price to competitively list your home.
Once this information ahs been gatheres and analyzed, some actions may be recommended on your part to enhance the value of your home to prospective buyers. These actions may include things like cleaning and staging to even some improvements. These changes will work to increase the value of your home and decrease the time it will remain on the market.
Once all this information has been gathered and you have decided what you would like to do to the home before listing, you will have a recommended listing price that should get you a buyer in the time which is less than the average days on market in your area. You want to sell the home faster than the average days on market because many homes are overpriced, which skews the average days on market to the high side.
Determining the listing price of thehome is extremely important so it is advisable to do your research and have a qualified listing agent behind you.