“How do I set my price?”
Frequently a seller will answer "I need X dollars from the sale," or "I paid Y dollars for my home." You must first realize that buyers do not care what the seller needs or what he paid. The current market determines the value of a property and what it will bring. This price could be more or less than what a seller expects.
So if the current market sets the price, how do you find out about the current market?
A comparative market survey, also referred to as a comparative market analysis or competitive market analysis (CMA, for short) is required to determine the price range of a home or other property. This factual analysis is similar to (but not the same as) an appraisal, which a buyer needs for financing. Obtaining a CMA from a REALTOR® is the best preliminary step to take in setting a price for your home. CENTURY 21 The Moore Group has trained, experienced REALTOR® Sales Associates who can provide such a market survey for you. There are “home value” websites appearing every day that provide questionable results. Why not get an estimate of your home’s value from someone with in-depth knowledge of our local market, someone with complete data and all the necessary experience and tools at her disposal? Get your FREE CMA.
Also ask your CENTURY 21 The Moore Group Sales Associate for an Absorption Rate Pricing study. That's simply the number of weeks it would take to sell the current housing inventory at the present rate of sales. Savvy REALTORS® will track the absorption rate over time to be able to track market trends.
"But can't I get more money?"
But even if you price your home correctly and you are familiar with this process there is more to know...
Don't forget legal issues!
When a buyer desires to purchase your home you must negotiate a legal and binding contract with earnest money and the correct disclosures that are required by law. Without the proper documents you could be subject to a lawsuit. Also, in negotiating your contract, you need to know what you should say and maybe more important, what you should not say.
Our professionals at CENTURY 21 the Moore Group are trained to help keep you out of trouble and to deal with these stressful issues for you.