Priced To Sell, Not Sit

By Cecilia Sherrard

Sellers do not set the price, buyers set the price.
How many times have you sold or traded in a used car and not gotten anywhere near what you wanted for it?  This is because you thought you could set the market, but the market told you otherwise.  Whether it's a house or a car, the market sets the price, not the seller.  The property is worth as much as a buyer is willing to write a check for it.

Market Value means: What a buyer is willing to pay for a home.  It’s different than appraised value.

VIDEO: Learn how to decide on price for a home.

The most accurate way to determine your home’s market value is to have a local real estate agent supply you with a CMA.  A Comparative Market Analysis (CMA) is an overview and summary of homes that are currently for sale, have sold, and homes that are expired or pending in your area matching your home’s criteria.  There are many characteristics of your home that must be matched to others.  If this can’t be done your Agent will have to add and subtract features such as lot size, garage, square footage, bedrooms, bathrooms, etc.  Make sure you avoid the temptation of pricing your home based on considerations not relevant to the market value.
Two story house
  • The price you paid for your home.
  • How much profit you would like to make.
  • How much you may need to purchase your next home.
  • The amount of money you put into home improvements.
  • Area appreciation percentage.
  • Personal attachment to your home.

Pricing is one of the most important parts to selling your home.  Most buyers purchase a home at market value not above it.  If you price your home correctly to begin with, you will get more prospects viewing your home and inquiries.  Many sellers feel that they should start with a higher price and “see what happens” or have the idea that they can always “reduce” later.  Our CENTURY 21 JC Jones team will advise you of the benefits of pricing your property correctly to begin with so that the peak time for activity, (the first two weeks) are sure to bring the best results.