Correct home pricing is the most critical factor when selling your home. Home sellers can only do with the services of real estate agents because selling is an entirely different ball game that requires ample knowledge about the real estate market conditions. Moreover, to determine the right selling price and your home’s list price, you must appoint a company like The Balcerzak Group of AB & Co Realtors of Baltimore.
They can provide a free home value report to help you understand your home’s worth. Based on the information and knowing the price of comparable properties sold in your neighborhood, together with other market considerations, you can determine the price range of your property. The price range should correspond to the list price range, which takes care of the market conditions.
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The Pricing Dilemma
Although the market conditions, especially the factors of demand and supply, impact the sale price of your home, you must go along with the trend but try to maximize the gains as much as possible. Asking the real estate agent for a Comparative Market Analysis (CMA) should help to get a fair idea about comparable home sales based on which you can fix the sale price of your home. However, it is critical to maintain a good balance between too-high and too-low costs. A high price will make the property unattractive to buyers, and too low a price might invite more buyers, but getting a fair price might be easier if you can negotiate well.
Give importance to comparable listings
Knowing the appraised value of your home should help you set a realistic target price. Therefore, determining the appraised value is of utmost importance. Look at the listing of similar homes in your neighborhood over the past six months. Six months is the maximum timeline you can use to determine property value, but three months is more realistic from the appraiser’s viewpoint. Another point to note is the location of the comparable homes, which should be within a radius of half a mile. However, the consideration changes, if the property is in a rural area or only a few comparable, are available within the specified distance.
Pay attention to finer details
When comparing homes, people often overlook finer details, such as physical barriers and neighborhood dividing lines. Railway tracks, freeways, and significant neighborhood streets are essential distinctions that impact property prices. Compare inventory located on the same side as your property because similar properties across the divider might have considerably different values. In some neighborhoods, identical homes on either side of the road can vary in price by as much as $100,000. The age of the property is also an essential consideration for similar-looking properties.
Track price reductions
Besides tracking the list price of similar properties, following the final sale price of these properties is equally important to detect reductions. Newspaper reports and the local assessor’s office are good sources of information for final sale prices.
Stay alert to prevent your home from appearing in an expired listing.