Setting the Price
Your home will have many "prices" before it's sold, including asking prices, buyer offers, counteroffers and the final purchase price. But all of these prices are based on one amount, your home's value, the most important factor in the selling price.
Starting to evaluate the value of your home and set a price can be difficult. The following suggestions will help:
- Call a Realtor. Sylvia Collins will be willing to prepare a comparable market analysis (CMA) for you as a marketing service with the goal of getting your business whenever you decide to move. A CMA shows the prices of recently sold homes that are comparable to yours and the prices of comparable homes on the market. We can give you a rough idea of what your home would be worth, given its size and condition and local market conditions.
- Get an Appraisal. Unlike a CMA, a professional appraisal is rarely free. However, the several hundred dollars you'll pay for an appraisal, depending on size of your home and the complexity of the work, could be money well spent if you're making a major financial decision that hinges on the value of your home. Appraisers rely on an in-person inspection of your home, recent sales of comparable homes and other data to arrive at an opinion of value. The appraiser's report is a full-blown description of your home and the criteria used to formulate the valuation.
- Visit neighborhood open houses. Open houses are a good opportunity to view comparable homes for sale in your neighborhood and chat with real estate professionals about the local real estate market. Remember: It's not easy to be objective about your own home and you shouldn't assume that the listing price on a for-sale necessarily reflects the home's true market value. If you keep those points in mind, information gathered at open houses can be worth considering along with data from other sources.
- Research online. A number of websites offer home valuation information free or for a fee. Search various websites to further your research and assist in selling your home.