| The importance of accurate pricing: |
|
|
|
| Property exposure to more prospects |
|
| Increased response from buyers and other agents |
|
Determining your property's
|
|
| Your Realtor will obtain a Competitive Market Analysis (CMA) for your property which is designed to estimate the value of your property under current market conditions. It is, by definition, the highest price your property will bring if it is put on the open market. It overviews three related factors: |
|
| Current comparable listings - If there are a large number of comparable properties for sale, there is more competition for buyers. Comparable listings that have sold recently - When looking at properties that have sold and comparing their list price to the actual selling price, we learn a lot about the strength of the market for properties like yours and the value buyers are assigning to properties in your area. Comparable listings that have expired - Expired listings reflect a property that was overpriced. Studying these statistics can help us |
|
| price your properly correctly, right from the start. |
|
| Beware of the effects of overpricing: |
|
| Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned. Once the price has been reduced, potential buyers become wary and wonder why the property hasn't sold. In the end, you will probably have to settle for a selling price below market value - and you will |
|
| have wasted precious time in the process. |
|
| Pricing your property for maximum return: |
|
| The ideal price satisfies both you and your desire for the highest return and the buyer's need for top value. Your Realtor can help you define that critical narrow range. |
|