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Pricing Your Home

Determining a Market-Sensitive Price:

An impartial evaluation of market activity is the most effective way to estimate a property’s potential selling price. A Comparative Market Analysis considers similar properties that:

  • Have sold in the recent past: This shows what buyers in this market have actually paid for properties similar to yours.
  • Are currently on the market: These are the properties that will be competing with yours for the attention of available buyers.
  • Failed to sell: Understanding why these properties did not sell can help avoid disappointment in the marketing of your property.

Dangers of Over Pricing:

An asking price that is beyond market range can adversely affect the marketing of a property:

  • Fewer buyers are attracted, and fewer offers received.
  • Marketing time is prolonged, and initial marketing momentum is lost.
  • The property attracts “lookers” and helps competing houses look better in comparison.
  • If a property sells above the true market value, it may not appraise, and the buyer may not be able to secure a loan.
  • The property may eventually sell below market value.

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