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How Does a Realtor Determine the Best Price for Your Home?

Now that you’ve made the big decision to sell, you need to set the right price for your home. Determining the price that will enable a quick sale and for the most money requires the skills of an experienced real estate team like mine at the Mark Boyland Team.

Pricing imageThere are websites like Zillow that purport to give you the value of your home in seconds, however, because your home is unique, correctly pricing your home requires research, local knowledge and experience. Part of the process we utilized to accurately price your home, requires looking at other properties in your neighborhood that are comparable to yours (known as comps), and creating a Comparative Market Analysis (CMA).

Interpreting your CMA
Houses currently for sale reveal what your competition – other sellers – are hoping to get for their houses. Does your house have the features and amenities to compete with the higher priced homes? Houses that failed to sell can provide a price ceiling. Houses that sold show what buyers are actually willing to pay. You want to pay particular attention to sales that have occurred in the past 3 to 6 months.

Personal knowledge and special conditions
Personal knowledge of your local market and special conditions is where we add value to the determination of your home’s true market value. We factor in:
How your home is laid out compared to the comps – for example, number and location of bedrooms and baths?
How are homes currently selling in your market – quickly or are they sitting?
Is your home missing any features – such as an upgraded kitchen, patio, 2 car garage – or is it “over improved” for your neighborhood?
Are there many “for sale by owner” or bank owned properties in your market?
Are there new construction homes offered nearby?
Is your home near shopping centers, schools, hospitals?
What is the employment picture like in your area – hiring or firing?
What is going on in the overall housing and mortgage market – national, regional, and local?
We will offer you tips on making your home more attractive to potential buyers. Your home will be highlighted to the other agents in our office and we will also schedule previews with outside agents. The Mark Boyland Team will take the burden of selling off your shoulders so you can continue to work and take care of your family until that day when a SOLD sign is put on your front lawn!

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