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8
Setting Your Listing Price: Start By Doing Your Homework
Determining an appropriate listing price is one of the most critical steps toward selling your home. Typically, the most interest in your home will be in the first few weeks it's on the market. So overpricing your home can scare away lots of potential buyers. But how do you know what a fair selling price for your home is? Doing research will help you get it right. Our real estate agents work with clients throughout Northern Indiana and Southwestern Michigan to list their homes on the local real estate markets. Here are three resources to help you determine a listing price for your home.
- Online valuation tools (AVMs)
Many potential sellers start by using online valuation tools to give them an idea of what their home might be worth. These are referred to as Automated Value Models or AVMs. These can be a good place to start to help you determine what your home may be worth. But realize the results you get can vary. Some tools are more accurate than others, and the methods and types of information they use to find the value can vary greatly as well. You may get a general idea of what your home is worth with this method, but you might not enough information to set the right listing price. - Comparable listings (CMAs)
A much more accurate way to determine the value of your home is to have one of our real estate agents provide you with a report called a Comparative Market Analysis or CMA. This type of report uses comparable listings to help determine an appropriate price range for selling your home. Comparable listings are homes that are in the same neighborhood, similar in size, the number of bedrooms, bathrooms, and amenities. The comparable listings should be as similar as possible, but some adjustments up or down need to be made to account for the differences in your property. Real estate agents have access to more information about properties that are currently available and recently sold than you would have access to online. - Get an appraisal
Another option to help determine a selling price for your home would be to get an appraisal. If you are planning to sell soon, hiring an appraiser might avoid any surprises for you and provide you with a thorough and detailed report on which to base your pricing. An appraisal at this stage would be for your benefit as the seller. Remember that the mortgage company will have the property appraised at the buyer's expense as part of the mortgage process and it's a contingency of the sale. So unless there is something unusual that would affect the value of the property. A real estate agent can get enough details on the CMA report to get the price right.
If you're interested in selling your home, getting it priced correctly is essential. Since the final decision on the listing price is yours, it is important to have enough information to make the right decision. Don't take a chance and hope you'll get it right. Contact us at Cressy & Everett Real Estate when you're ready to get the process of selling your home started.
Note: a subscription to the Do Not Call list does not apply when requesting information from our company.
