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1/26/13

How to Select Your Selling Price



Q - I'm placing my home on the market and trying to establish the selling/list price. I interviewed 3 real estate agents and they provided their recommendations - one of them was $10,000 higher than the other two.  Who should I believe?

A - The selling price of a home is a function of the real estate market. A real estate agent can't influence the selling price anymore than a stockbroker can dictate the price of a stock.  Agents arrive at a listing/selling price recommendation by analyzing similar properties that have recently sold under normal market conditions in the same location.

If the agents left you their Comparative Market Analysis (CMA) for your information, review the information carefully.  They should have selected homes that are similar to yours, in the same location and they should be very recent sales.  A $10,000 dollar variation seems large.  Perhaps the criteria for home selections was not followed diligently.

Another way of assessing the suggested listing prices is to ask each agent you dealt with to provide you with a print out of homes (approximately 15) that are above and (approximately 15) that are below their suggested listing prices.  In this way, you will be able to see the kind of homes that will be your competition.  They should be similar to your home.

Remember that the price at which you list your home is YOUR decision.  If your price is too high, your home could be overlooked and if you price to low, you could lose money.  Pricing at market value should be your goal.  Obtain more clarification if necessary.  It is important to be on target.

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