Pricing

It is easy to think your home is worth more, based on an emotional assessment, than the current market will bear. After all, it is your home. Consider your home along with homes on the market: how does your home really stand up to the others? There are many things to consider. To determine a reasonable asking price, talk to your realtor. Ask for sales prices during the past six months only on homes in the neighborhood, and ask how long it took for the homes to sell.

Also, ask your realtor for a CMA (comparative market analysis) on your property. Visit homes for sale in your area and compare what you see in terms of sales appeal. Remember that real estate markets can change quickly (just like the stock market), and that comparables from seven months ago may not give you an exact picture of the current market. Determine if there are more or fewer new houses for sale at the present time. Are prices up or down? What’s the trend? How is the economy affecting the area? If there are more houses on the market now, there will likely to be a larger gap between listing and selling prices.

If there are fewer homes for sale, homes will probably sell quickly, and demand for homes will be more than the current supply of available properties for sale. All of these factors will play a role in setting your asking price.