We’re here to help you understand the basics of pricing your home to sell.
Price is one of the most important tools you have to sell your home. The ultimate goal will always be to sell your home for the highest price the market will allow in the least amount of time. Positioning your home properly in the market is critical for success. The tool agents use to determine a price range is a comparative market analysis or a CMA.
A CMA compares a property to other homes similar in location, size, and features. Ideally, a CMA uses recently sold homes from the same subdivision. These reports are a snapshot in time and are subject to change based on market conditions.
Creating a fair marketing analysis includes:
- Evaluating your home’s location, size, age, condition, extra features, and improvements.
- Examining the interior and exterior and recommending enhancements for sale.
- Comparing your home with similar area properties currently for sale and recently sold. Taking into consideration the amount of time the home was on the market before selling.
- Applying knowledge of the current market conditions.
Once the research is completed, you will receive a range of suggestions on where to price your home. There are two strategies we are seeing in the current market.
- If the home is priced at or a bit below “market value,” we anticipate strong interest immediately and hope to receive multiple offers. In a seller’s market, buyers understand that their offers need to be strong (i.e., full price or above; removing inspection contingencies; and/or removing appraisal contingencies or financing
- Some sellers prefer to place a higher price on the home, understanding that they can reduce the price if it doesn’t sell right away. This has the potential to bring a higher price, however, the risk is that if it does not sell right away, buyers will wonder why “in this market” it has not sold. Buyers may assume that there is either something wrong with the house or that the seller is open to negotiating a lower price.
Despite what you might see advertised online, there, unfortunately, is no magic calculator to help determine the value of your home. Many sites will give you an estimate, but they are not always accurate for many reasons, especially because they haven’t been in your home! Our team will use our knowledge of the Cincinnati market to give you an accurate range of what you could sell your home for and set you up for success in any market.
