Price it to sell
Setting a selling price for your home is a tough decision, but a very important one. Of course you want to make as much money as possible. But you don’t want to ask too much and have your listing sit for ages without selling. A REALTOR® can assist you with a CMA (Comparative Market Analysis) to help you determine an optimal listing price. A CMA analyzes current listings and recent sales data in your area to assist in determinging an optimal listing price.
If your asking price it too high, buyers won’t be interested, and your listing will just sit there and get stale. A listing that sits on the market for a long time makes people think there’s something wrong with the property. Selling a stale listing, even at a reduced price, becomes much more challenging, since buyers have already seen it and passed over it.
Pricing it too low can pose problems as well. In a hot market, a low price can actually spark multiple offers, which is great for you, because a bidding war will only drive up the price. But if there’s not enough interest, a lower price means you won’t make as much as you could have. It can also make potential buyers wonder what’s wrong with it. Plus, it could also mean you end up missing a key demographic. For example, if the homes in your area are selling for $400,000-$500,000, and you list your place at $350,000, people looking in the original range won’t even see your listing.
Setting a fair price means you’ll get more interest, potentially attract multiple buyers, and sell your property faster. So how do you set the right price? There’s really no set formula; the key to selling is listing your house for what it’s worth. To figure that out, you need to take a look at the market and analyze current listings and recent sale prices.
Contact me now for a no-obligation Comparative Market Analysis