Pricing Your Home Accurately
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Check out this helpful video about Pricing Your Home Accurately:
PRICE YOUR HOME ACCURATELY.
- Perform a Comparative Market Analysis or CMA for short
- Data we use: Sold, Expired, and Active
- Considerations: List to Sale Price, Days on Market, Price Adjustments
- We Compare: Home Size, Lot Size, Beds/Baths, Age, Any updates
- We create a spreadsheet and make adjustments to the price depending on these to create an average then we apply it to your home – which we then adjust
- It’s very rare that a home is apples to apples the same
- Now Why is it important:
- First impression is everything – price and value need to have an equilibrium
- You may price yourself out of the market which includes potential buyers and their agents – both have saved searches set for your home, meaning they won’t even receive your property if its priced too high
- MLS Saved Searches – auto-notification when it hits the market, your agent should be able to look at the date in the first day to tell you how many buyers and agents received your listing, even who favorited the property
- Understanding Price Thresh-holds, rounding off the price
- If you are Over-Priced you should really know in the first week or two by the number of showings booked or how many people visited your first open house.
- Buyers are most active in the first week of a new listing for fear of the home selling
- If you have been listed for 30 or more days without selling or even an offer then you are most likely overpriced – there are exceptions for truly unique properties
- At this point you should be doing a price reduction, preferably in the form of a what we call a cancel relist. We take your home off the market and re-list it at the new price.
- Otherwise your home looks stale, which gives the impression there is something wrong with the property which causes New Buyers to avoid it all together or even throw out ridiculously low offers
- The other dangers are
- missing out on pockets of buyers that end up buying your neighbors home instead of yours.
- Too many reductions shows weakness and takes away your negotiating power
- Not to mention, If you are in a downward shift, you begin chasing the market like a ball rolling down a hill
- Myth: You can under-price a home
- Allow Human Nature and peoples Competitive Spirit to take-over
- Unknown Facts:
- You can reject all offers if your price isn’t met
- You can counter the top offer in a multiple-offer scenario and if they don’t bite, go to the second offer. If that doesn’t work then consider accepting the highest offer.
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