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2012-04-17 08:03:54
Park City Homes for Sale and Setting your List Pri

Park City Homes for Sale and Setting your List Price

Setting the list price for your home involves evaluating various market conditions and financial factors.

  • pricing considerations
  • comparable sales
  • market conditions
  • offering incentives
  • estimated net proceeds

If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR® to 'Bring me any offer. Frankly, I’d take less.' But compared to other houses for sale, your home simply looks too expensive to be considered.

If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.

Competitive Market Analysis (CMA): The list of comparable sales is used for a 'Comparative Market Analysis' (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.

A CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. Also, an appraisal is done for a fee while the CMA is provided by your REALTOR® and may include properties currently listed for sale and those currently pending sale. For the average home sale, a CMA probably gives enough information to help you set a proper price.

Market Conditions – Is it a Buyer’s Market or a Seller’s Market?

A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.

A Realtor can tell you whether your area is currently in a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.

Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be 'cash poor.' You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution.

If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be 'to the broker who brings a successful offer before Thanksgiving.'

 

 
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Park City Homes for Sale and Setting your List Pri

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