Janet from South Park, Pittsburgh, PA writes: How much should I ask for my home?
Janet, proper pricing is just the first step in selling a home. A REALTOR® can help you
determine an asking price by reviewing complete and comprehensive information about homes
similar to yours which have recently sold in your area. Knowledge about current market
trends is critical to making an informed decision. Today’s buyers are extremely
knowledgeable in their price range and purchase by comparison. You will need to offer pricing,
terms and conditions that are competitive in your market. This will help you sell faster and
get full market value.
Make sure you establish a good price for your home. Improper pricing is the most common mistake made by home sellers - a mistake that may cost you thousands of dollars. If the price is too high - your home will not sell and as week after week go by, it may become "stale" and "shopworn". On the other hand, price it too low and you may give thousands away to a total stranger.
When pricing your home, be objective and remember selling your home is a business transaction. You will need to put your personal feelings and attachments aside. Potential buyers are not looking to buy your home, they are looking to buy a house they can make into their home.
The value of a home is determined by supply and demand. If there are a lot of sellers and few buyers, prices tend to go down and homes take longer to sell. If there are many buyers and few homes for sale, prices will rise and homes will sell quickly. A REALTOR® can provide you with valuable information about the current real estate market and let you know if you will be selling your home during a Buyer or Seller's market.
A Comparative Market Analysis (CMA) is a report prepared by a real estate agent that estimates your home's value by comparing your property to similar properties on the market. Included in the report are homes recently sold through the Multiple Listing Service (MLS) and homes currently for sale through the MLS. This report is an estimate of value based on features and condition of your home compared to other homes in your area.
Carefully gather information to help you make an informed decision and remember the following: Agents do not control the market. Our job is to supply information to you to help you make the best decision possible. There is no "exact" price for real estate. The market determines value. Based on the current market, buyers will ultimately determine the sale price of your home.