How to Price Your Home to Generate Offers
When you are ready to sell your home, the most important decision you will make beyond selecting an agent to work with is the listing price of your home when it goes on the market.
When working with Snyder Real Estate Group, our goal is to deliver amazing customer service while still getting you the best price we can in your desired time frame. To achieve this, we will work together to determine the best price based on recent statistics and our experience.
Performing a Comparable Market Analysis (CMA)
The most important thing we will do for you prior to listing your home is perform a comparable market analysis (CMA). This will factor in the most recent sales in your area and among the properties most similar to yours. This approach is used because appraisers will use this same method to determine the value of your home. If the buyer of your home is getting a mortgage, an appraisal will be required. Using this method will ensure your home isn’t overpriced based on today’s market.
Reviewing Other Inventory on the Market
We will also review the current inventory on the market. Seeing what is currently available will help us determine if your home will be priced above or below your closest competitors. While your home is likely not identical to any other, most buyers will be looking at quite a few homes before they make a decision so factoring other available properties into your decision can help you price your home to sell in the time frame you are looking for. While it is important to look at your competition, the greatest factor contributing to your home’s price should be recently closed homes.
The Risk of Overpricing
One thing to remember when pricing your home is that the amount you paid for it when you bought it or built it isn’t relevant. Unfortunately, neither are any upgrades you may have made to the property. Upgrades may certainly influence a buyer’s decision, but ultimately, buyers will not pay more for a home than what it’s worth to them.
Across the country, statics have shown that homes sell for more money when they are priced appropriately from the beginning. Overpricing your home to leave room for negotiation causes your home to take longer to sell and for less money. A buyer may choose not to look at your home at all if it is priced higher than it should be.
When deciding about the price of your home, let our years of experience and market knowledge work for you so that your home is priced appropriately to start with.
