You will greatly increase your chances of an offer by pricing your home appropriately from the start. Agents you interview to list your home will perform what is known as a CMA – comparative market analysis. A comparative market analysis is an evaluation of similar, recently sold homes (called comparables) that are near the home you intend to sell. Comparative market analysis establish the current market value of the home and are prepared by real estate agents. A comparative market analysis is not the same as an appraisal, which is performed by a licensed appraiser.
Your agent will use this valuable tool to recommend the price range at which you should list your home. With this, together with your agent, you will select the list price. Keep in mind:
- Price it right.
- Anticipate the offers. Decide in advance what price and terms you’ll find acceptable.
- Once listed, don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price.
- It can’t be said enough, pricing right from the start is best for all. If a listing stays on the market too long and is perceived as stale, the selling process becomes increasingly difficult.