Selling your home? You can't get better than FREE!
Setting the list price for your home involves evaluating various market conditions and financial factors. During this phase of the home selling process, we can help you set your list price based on:
- pricing considerations
- comparable sales
- market conditions
- offering incentives
- estimated net proceeds
Pricing Considerations - Find a balance between too high and too low:
When setting a list price for you home, you should be aware of a buyer's frame of mind. Consider the following pricing factors:
If you set the price to high, your house won't be picked for viewing, even though it may be much nicer than other homes in the neighborhood.
If you set the price to low, you will short change yourself. Your home should sell promptly, yes, but you may make less on the sale than if you priced it at the correct market value.
Tip: Never say "asking" price, which implies you don't expect to get it.
Price Against Comparable Sales in Your Neighborhood:
No matter how attractive and polished your home, buyers will be comparing it's price with everything else on the market.
Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. We can furnish you data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.
Competitive Market Analysis (CMA): The list of comparable sales along with date about other houses in your neighborhood that are presently on the market, is used for a CMA. To help in estimating a possible sales price for your home, the analysis will also include data on nearby homes that failed to sell in the past few months, along with list prices.
Market Conditions - Is it a Buyer's or Seller's market?
A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.
We can tell you whether your area is currently in a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.
Offering Incentives to Hasten a Sale:
Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor". You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution.
Estimating Net Proceeds:
Once we have established your list prices, we can provide you with a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when we start helping you look for another home to buy.
Nocosthomesale.com
4858 Mercury Street Suite 105
San Diego, CA 92111
(877) 476-9227
Info@realtorstaff.com
CA DRE License # 01425679
How to set a list price for your home:
