If an agent has ever encouraged you to overprice your home, they probably only did so because they were desperate for your business. The truth is that listings tend to succeed far more often when they’re priced at—or even slightly below—their fair market value.
With this in mind, how should you and your agent go about determining the right price for your home?
Well, it all starts with your agent conducting a comparative market analysis (otherwise known as a CMA). This analysis involves your agent researching recently sold and currently listed properties in your area that are similar to your home in terms of size, condition, and amenities. After gathering pricing and sales data from these listings, your agent will be able to offer you a ballpark figure of what your own home might sell for.
At this point, they must be honest with you. Flattering you by suggesting you should overprice your home will only cause your property to sit on the market for much longer than necessary. It could even cause your listing to expire. Even given today’s super-low interest rates, buyers aren’t willing to accept just any deal that comes along.
As I mentioned earlier, setting your price at or below fair market value is the key to selling quickly and for top dollar. A fair price will attract more buyers, and when multiple buyers are interested in your home, they may begin bidding against each other.
Your chances will be even better if you make a few strategic upgrades and repairs before listing. A successful home sale comes down to taking the right approach with the right agent by your side.
I would be happy to give you advice on this topic, as well as any other aspect of your real estate goals. So if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.