Now is the time to Sell! It is a strong seller’s market
Homes are selling for a premium over the asking price. There is such a shortage of inventory and with the rates still good, that makes for a lot of people out hunting for their dream house!
Pricing your home right is crucial.
If you price too high, you could curb enthusiasm for your property, and it could stay listed for longer than necessary causing potential buyers to wonder why your property is taking so long to sell. If the price is right, you could put the for sale sign up on Thursday and by Sunday you will have multiple offers over the asking price. Your best chance of selling your home is in the first two weeks of putting it on the market, while your home is fresh and exciting to buyers.
What is fair market value?
Fair market value is what a willing buyer and a willing seller agree by contract is a fair price for a home. Values can be impacted by a wide range of reasons, but the two biggest are location and condition.
Generally, fair market value can be estimated by comparing other similar homes that have sold or are currently for sale in the same area. Overpricing your home when first listing, can lead to the loss of potential buyers who may otherwise be interested in your home, but missed your home because it fell outside their search criteria.
Comparative market analysis (CMA)
No two homes are identical, which is why choosing a sales price for a home can be challenging. A comparative market analysis of the home is the basic tool for honing in on the correct price. This is a side-by-side comparison of homes for sale and homes that have recently sold in the same neighborhood and price range.
A CMA considers the most recent data of homes sold in your area that have similar characteristics such as the type of home, number of bedrooms, number of baths, lot size, neighborhood, property condition and features. As useful as a CMA is, it should only be used as a guide because it is constantly changing and updating with the market. A CMA doesn’t answer all the questions about home pricing and is why local, expert knowledge should always be part of the equation when pricing and listing your home.
Do you need help understanding the process? I can help you with easy and clear information to list your home at just the right price to maximize your home’s value. If you are thinking of Listing your home – Call me for a Listing Presentation today!
Felicity Cortese is a broker with Premiere Property Group, LLC. If you would like help regarding any of your real estate needs, contact 971-754-8088 or email felicity@premierepropertygroup.com
