Pricing Your Poconos Home
Pricing Your Home
Pricing your home in today’s market – to tell you the truth, your home is actually valued by the price that a willing and able buyer will pay for your home. Since we don’t know what that price is, seller’s typically will value their home using various criteria that assists your Realtor in coming up with a range of prices whereby you can list your home.
The most influential pieces of information that are critical in pricing your home are:
Primary factors in pricing your home are time and money. You as the seller can only control one of those criteria. If time is more important to you and you must sell within a certain time parameter, then the Realtor will typically give you the price for which your home will sell today. If price is more important than time, then understand your Realtor will do everything in their power to get you the price that you want, but the market may not be willing to give you that price in today’s market, so therefore, it may take just a bit longer to sell your home. For a “FREE” Competitive Market Analysis (CMA), just fill out our form to begin!
Why? Because a Buyer won’t pay more for one home than he or she would have to pay for another similar home. This is called the Sales Comparable approach to valuing your home. It is the most common approach.
The two other approaches to value are the income approach, which is rarely used for single-family homes and the cost approach which is typically only used when there is a lot of new construction in the proposed market area.
Competitive Market Analysis (CMA)
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What is a Competitive Market Analysis?
When our Realtor lists your home for sale, they will prepare for you a “FREE” Comparative Market Analysis (CMA) showing you what buyers are willing to pay in today’s market which gives you a solid foundation for setting the best list price.
- “Solds” – Sold homes demonstrate what buyers have actually paid for similar homes in as recent a time parameter as the Realtor can get. Understanding that no two homes are the same, the Realtor will take into consideration positives and negatives in your home and the comparable that he or she is using.
- “Expired” – Expired listings will show you what homes have been listed for sale but have not had a buyer write an Agreement of Sale based on that list price. It will show you what buyers are not willing to pay under current market conditions.
- “Actives” – An active listing are the other homes in your area which are competing for the buyer’s attention. Again, understanding that no two homes are alike, there will be amenities that may be in your home that are not in the competition’s home, but vice versa, there may be features in the competition’s home that your home doesn’t have.
Remember, a CMA is simply a guesstimate that gives you the ability to accurately list your property for sale. We can provide a Competitive Market Analysis (CMA) for FREE, simply fill out the form!
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