Getting the right price is a two step process.  The first step is to accurately determine the right price range for your home. The second is preparing your home for sale.  Making sure the home shows in top condition helps you get top dollar!  This article deals with setting the asking price.  Please read 40 Tips for a Faster Sale to prepare your home for prospective owners.

80% of your marketing is done in the 20 minutes you spend setting the asking price for your home. (the "80/20" rule)

Price is  the question most buyers ask first - many prospective buyers never see your home because:

  1. They see the "same home" for sale at a lower price.  Based on this paper analysis,  they decide not to bother visiting your home.
  2. They decide not to visit your home because it is "out of their price range" and there are other homes available at a price they find attractive.
Begin by creating a detailed description of your home. This includes the number of bedrooms, bathrooms, and the size of the home in square feet.  List all amenities such as a basement (finished or unfinished), a fireplace, and the size of the lot.  Include the age of the home and list all of your local school districts.  These details will help you accurately compare your home to others on the market.

An analysis of recent sales in your neighborhood is a good starting point, but it is not sufficient to help you properly price your home.  It is important to understand how buyers look for a home.

Consider how you conducted the search to find the home you've now decided to sell.  You probably considered many different neighborhoods and communities to find the home that best matched your requirements.

The prospective buyers who will be viewing your home will conduct their searches in a similar manner. That means they will be comparing your home to brand new developments, older homes, etc. They will also consider various locations including established neighborhoods, the middle of town, the suburbs, and country properties. Each home will have a different look and feel and prospective buyers will consider many variables in their search for a home.  Therefore your home will be competing in a marketplace that includes homes in your  neighborhood as well as similar homes in a much larger area.

Another important factor is the overall condition of the marketplace.  Is the market very active, or relatively quiet?  Are homes selling quickly, or are they on the market for months?  Market conditions have a strong influence in your pricing decision.

Remember that you must sell the price of your home 3 times. The realtors, the buyers and the appraiser. If any of them don't feel your home is worth the value you have chosen, the deal can die, sometimes just days before closing.

Please contact Barb if you'd like some help pricing your home. She can prepare a Comparative Market Analysis (CMA) for you at no charge or obligation. Together you can determine the pricing strategy that is right for your home in today's market!

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