Setting Your Asking Price
Before you set the sales price of your house, we can run a Comparative Market Analysis (CMA) that will show the listing price of similar houses in the area as well as the prices at which the houses actually sold. Additionally, the analysis will give us information about houses currently on the market and about houses that were on the market but never sold.
On an annual basis, Greg updates the market stats on what real warm-blooded Sellers are getting for their property sales by sharing the Eastern CT closed transaction's data here: www.GardenGealty.com/sellingprices where you can see average prices paid in % terms of asking price (this gives you an idea of what you might expect in terms of wiggle room in terms of what kind of discount below asking price is occurring in the marketplace). Additionally, this same page has average days on the market so you know what to expect in terms of time needed to sell your home.
We also suggest that a professional appraisal is a great means of finding out what your home might really be worth. After all, lenders don't approve loans based on a real estate agent's "opinion of value", they require an appraisal by a professional licensed appraiser. Typically, sales price appraisals cost between $450-$500 and Greg has appraisers available to provide you with a "pre-listing" appraisal at a discounted price of about $350. Your small investment into an appraisal can help you set your home's sale price properly without wasting marketing time (if you set the price too high), and it avoids you setting the price too low (if your home is worth more than you might think).
Next, we'll ask you about your goals in selling the house. Everyone who sells a house has different goals that need to be factored in when calculating the selling price.
- Is your goal to get the maximum sales price for your house?
- If so, are you willing to have your house on the market for many months?
- Is your goal to sell your house quickly?
- If so, are you willing to sacrifice some of your potential profits to sell more quickly?
- Would you like to establish a balance between selling your house quickly and selling at the top end of market value?
Market conditions will play a role in setting the sales price of your house. We'll factor in how quickly houses are selling in your area, interest rates, the strength of the school system, and finally whether it is a buyer's or seller's market.
We'll then recommend a price at which to list your house to meet your goals in the local market.