Selling a home seems to be a major undertaking…..
Question: We are ready to list our house for sale. We would like a quick sale, want to make a reasonable profit on our investment, and save as much as
possible on the commissions. Do you have any advice on how to set a fair asking price to attract buyers?
Ask the Experts: Selling a home – Deciding on the right asking price is one of the most important factors when selling your home. A price that’s too high can dissuade potential buyers, while a below-market price will reduce the return on your investment. And, may cause buyers to think something’s wrong with
Selling a home can be tricky endeavor – To start the process consult with a real estate professional who will prepare a Comparative Market Analysis (CMA) based on your home’s fine features, recent upgrades and location. The CMA will compare your home features with similar homes with similar features that have recently sold in your neighborhood. Usually, within 180 days or less window…. The shorter the sales period should have an impact on your asking price when a home….And, the demands of potential buyers!
The data retrieved included in the CMA is usually retrieved from the MRIS database . However, there are several other data sources available to agents to compare the particular market or neighborhood. Data sourcing companies, e.g. Realtors Property Resource (RPR), Zillow, Trulia or Market Snapshot also offers data to apply to your comparison. Beware, that some data source companies may not be up-to-date, accurate or considered questionable by some mortgage banks. There are also Automated Valuation Models (AVM) being developed and syndicated for possible use.
Consider comparing different data sources to educate and inform you of the market when selling a home. In this ever changing market the asking prices are starting to rise and recent sales are mostly driven by the low inventory of homes and the increase in demand for housing. Remember, the market sets the
price…not the homeowner!