PRICING YOUR HOME
PRICING YOUR HOME IS TWO THINGS... SCIENCE AND SKILL
In order to sell your home for the best possible market value and in a timely manner, there are a few factors to consider:
TIME OF YEAR
Spring is usually the hottest market environment to sell a home. The weather is getting warmer, school is coming to an end, and families like to prepare to move in the summer before school year starts again.
The second-best season to sell is the Fall. Summer vacations are over, families are back in a routine, and folks have the time to put into the home buying journey.
Summer may be a good time to market a home in this area as well. There is usually a different type of buyer in the Summer months, those singles or families without the concern for school years.
Winter months are usually considered a Buyer’s Market because those that are selling during the holidays are usually motivated by life events outside of their control to sell.
SUPPLY AND DEMAND
If you have more buyers than homes for sale, then obviously houses will get more multiple offers and potentially higher sales prices than if there are lots of homes competing for the buyers. Even if inventory is low in the area, it can depend on the how desirable the neighborhood is to buyers. Some may have a lot of competition to sell, making it harder for you to get the price you want. The more desirable of a neighborhood and lower inventory, the higher home values rise.
READY TO PUT YOUR HOUSE ON THE MARKET?
Consult with us, you local real estate experts. We can help to ensure your house is priced competitively and presents well to potential buyers.
There are always three factors to getting a home sold...
Only two are under your control: price and condition. Of the two, price is more significant. Remember that price will correct a bad condition, but condition will never overcome a bad price.
You will receive a CMA (Comparative Market Analysis). This report can be the most important tool in determining the listing price. Review the CMA carefully so you understand the current market.
Courtesy of Yogini Patel Cupertino Realtor
Studying the past sales will not only help you understand the pricing strategy but give you a realistic expectation as to how much your home might appraise for when you go under contract.
Remember, the listing price of a similar home is your competition, not a comparable for value. Active listings have not sold.
The CMA reports usually contain:
Active listings for your area with a similar home; age of construction, number of beds, baths, and square footage.
Sold listings are homes sold within the last three months, plus pending sales that are likely to close by the time your home is sold.
Off-Market or expired listings. These are properties that were taken off the market for any reason.