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PRICING YOUR HOME
The most important aspect to consider when selling your home is that you’ve priced it correctly. You don’t want to price the house too high or you will miss out on the first two or three weeks of showings. Demand and interest decrease after the house has been on the market for 21 days or so. Don’t worry too much about pricing it too low because homes priced below market value often receive multiple offers. This will drive up the price. Remember, pricing is all about supply and demand and no two agents will price property in the same way.
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Determine comparable listings and sales by looking at every home within a ¼ mile to ½ mile radius that’s similar to yours that has been listed over the past three months. Appraisers don’t usually use comps that are older than that. Compare homes that are similar in size and age.
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Compare original list prices to final sales prices to help determine ratios. Homes typically sell for list price or less in a buyers market.
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Research expired and withdrawn listings to see if any homes were taken off the market and relisted later. If so, add those days on the market back to the listing time periods to determine the actual number of days on the market. Look for reasons that the homes didn’t sell to see if they apply to you.
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Tour homes that are on active Realtor lists. Make notes of what you like and dislike and try to recreate the positives in your own home.
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After you’ve completed your research, make sure your final sales price allows for room for negotiation. You might consider adding 10% in a seller's market. In a balanced or neutral market, consider setting your initial price at the last comparable sale adjusted for the market trend.