Determining the listing price for your home is a big deal.  As a seller, you want a price that is in line with the value of your home but also will attract buyers too.  When working with a Locust Grove REALTOR ®, there are several factors that go into determining the price.  Being familiar with all of these factors will help you to decide what to list your home for on the market.

Factors for Listing Price

Comparable Properties

Your Locust Grove REALTOR® will create a CMA (comparative market analysis) to help determine the market value of your home.  Market value is how much your home could sell for if it hit the market today.  Market values can change, so if you meet with an agent several months prior to listing your home, you may need an updated CMA.

Your Locust Grove REALTOR ® will find three similar homes to your property that sold within the last three months.  These homes should be nearby (preferably the same neighborhood), have similar square footage, and similar number of bedrooms.  Using these homes as an average, your agent will then add value to your home for features it may have that the others do not like a finished basement or attached two car garage.  Value may also be subtracted if your home is missing a feature that the other homes have like an additional bedroom or if they are newer construction.

From this information, your Locust Grove REALTOR ® will suggest a market value price range for your home.

Personal Goals

Everyone moves for different reasons, so the time a home spends on the market may be more valuable to some sellers than others.  For example, if you need to move immediately to a new job and need the proceeds from this home sale to go towards a new home, then you may decide to price the home slightly below market value in order to attract more buyers to home and sell it faster than the average days on the market.

On the other hand, a seller may need to get as much equity out of the property as possible and this may mean pricing the home at the higher end of its market value range.  When doing this, a seller must accept the the home may not sell as quickly.

It is important to talk openly with your Locust Grove REALTOR ® about your motivation for moving so your agent can help you price your house accordingly.

Local Housing Market

The statistics agents get from the local housing market can help to determine a list price for a home too.  If you are in a market where there are more buyers than sellers, then you may be able to list your home at the higher end of its market value.  If you are in the opposite market, then pricing it at the lower end of the market value range may help the house stand out from others on the market.

Being aware of the average days on the market for a home is also important.  This helps sellers align their expectations with what is really happening in the community.  For example, if the average number of days on the market is one hundred, then expecting a home to go under contract in fifteen days is going to lead to seller disappointment.

Once a seller has the information from all three of these factors, a listing price can be determined.

Ready to list your home? Looking for a Locust Grove REALTOR ®? I am here to help!