PRICING YOUR HOME TO SELL
October 20, 2009 | Maureen Realty
Attracting buyers is the name of the game. As a seller, you have two goals:
1. To get the most money possible
2. To sell as quickly as you can.
Price is the number one factor that most home buyers use in determining which homes to view. Although the price is set by you, the seller, the value of the home is determined by the buyer. Don't allow your enthusiasm to warp your judgment and lead to overpricing.
The second most important factor is the condition of the property. Browse around on our website for information on how to prepare your propety to sell.
There are two methods to determine property value, an appraisal and comparative market analysis.
Appraisals vary in cost and are defendable in court. They average about $400 for a single family home and more on multi-family dwellings. Appraisers review numerous factors and base information on recent sales of similar properties, their location, square footage, construction quality, excess land, views, water frontage and amenities such as garages, number of baths, etc.
A Comparative Market Analysis is an informal estimate of market value performed by a real estate professional. The CMA is based on sales and listings that will compete with your property that are similar in size, style and location. A range of values will surface, thereby allowing the determination of a reasonable market value that will most likely be supported by an appraisal that may be required in the lending process of a transaction. Many REALTORs offer a free analysis anticipating they will have a new client.