How Do We Value Real Estate? "How much can we get for our house? That is one of the first questions that I get asked as Realtor® when listing a home for sale.
Of course you want to get the most money as possible for your home, however if you set the price too high as you'll scare away potential buyers and their agents. On the other hand, if you price too low you are potentially leaving money on the table and setting off red flags. "Why such a low selling price?" Is there something wrong with the property?
The selling price ought to reflect the market value of your home and be influenced by how quickly you want to sell it. Your Realtor® can determine the market value by preparing a Comparative Market Assessment (CMA).
What is market value?
Simply put, market value is the price that a buyer is willing to pay for a similar home in your neighborhood.
Based upon market research, your Realtor® will suggest a listing price for your home. The analysis should take into account things such as age,rooms, lot size, renovations etc. and include a comparison to other properties in your neighborhood that are currently for sale and have recently sold.
Keep in mind, market value doesn't take into account the personal attachment that you have to your home and all the hours that you have loved and nurtured it. It is only worth what a buyer is willing to pay for it! Don't take it personally.
Before you sell your home, view at least 5 comparable properties and make sure that you are comparing homes that are truly similar - not just an area- but style, age and features.
If you are looking to sell and need help call today for a complimentary Market Analysis! I would like to help you sell your home fast and for the ideal selling price.