The market approach to pricing is based on the premise that a prudent person will pay no more for a property than it would cost to purchase a comparable substitute. Although there are other items to consider, to formulate a home value, we will analyze sale prices of similar homes in your area. We will examine properties that have recently sold and are currently for sale, or were offered for sale but did not sell. Style of architecture, lot premiums, and year of construction are considerations.
I will prepare a detailed description of your property and an estimate of the selling price range in today’s market. The report is known as the competitive market analysis. We will define a dollar per square foot value for the structure and the land. With these figures, we can develop a price position we can support to potential buyers and place your property to be seen and considered by the current pool of home shoppers.
Items which have a direct effect on listing price of your property:
- Time of year
- Access, easements, and encroachments
Once a comparable price has been determined we add and subtract for:
- Current market conditions
- Upkeep condition and age
- Home builder quality
- Functionality and features
- Lot layout for single family homes
- Interior versus end units for townhouses & levels and access for condos
- Style, decor
- Showing restrictions
After listing, I will continually update information to support the offering price. I will collect and monitor:
- Buyer reactions
- Broker responses
- Market changes & competing properties activity
- Availability of financing
- Traffic of showings and media interest
- Condition of the property
The success of selling diminishes significantly when your list price is higher than the current market value. Exposure to buyers translates into offers and a correctly priced home will help your property to be seen by the right eyes. Price the home too high and you have closed off those buyers. It is my opinion that a correctly priced home will net more dollars than one with a high “asking” price
Please email or give me a call to talk about your and it’s value. I will be happy to talk or meet with you anytime.