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Determine the Price of Your Home
Why do some homes take a long time to sell and some sell really fast? A frustrated seller might say it's because of a bad market. A real estate agent may say its because of the listing price.
Buyers will stay away from an overpriced home. But, if the home is in line with similar homes in the area, and it shows better, than it may have a better chance of being sold quickly.
The secret of perfecting a technique is comparative shopping. Real estate agents feel it's the best method to use for determining home’s market value.
A responsible agent will effectively evaluate a home's worth through a process known as Comparative Marketing Analysis (CMA). Looking at assets, such as a pool, larger than normal living spaces, a view, near a park or other attractions, the agent will compare your home with similar homes that have been sold in the area within the past six months.
The agent is able to recommend a price range that will get you top dollar and a short escrow period. Factors like the amount of time needed to sell your house can alter the price of your home. You should check with your agent's office to determine the duration that listings are on the market. They should explain the marketing norms with prices and properties.
If your time is limited due to job changes or moving agreements you've made on another property, then your chances of getting top dollar goes down.
Here are a few steps that you and your agent can take to finding the right price, providing you have sufficient time. Do comparisons with homes that have been sold in the last 45 days. Another bench mark is to review the selling price of homes that have just been sold and are pending closes.
Most MLS services give information on deals pending that agents should be able to share with you. A good rule is to make 20 comparable properties within one mile of your home.
Be open and honest about your homes greatest strengths and weaknesses will help your agent get a better feel for how to evaluate and market your home. If your home is listed at the right price, you are on your way to a speedy and fruitful sale.
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