How to set the listing price for your home

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You’ve decided to take the big step and sell your Capital Region home. You look at some online real estate sites and see the estimate of what your house is worth. But is that the price you really should ask for your house? Simply, no.

The only way to know how to price your house to sell is to work with a professional who is trained in analyzing the market. When I meet with a seller to talk numbers, I present a comparative market analysis, known as a CMA. The CMA is an in-depth look at homes currently on the market, those that have sold recently, and a comparison of how the square footage, condition, features and amenities of this seller’s home stack up against the others. If the home to be sold is in Saratoga Springs, I look at homes in similar Saratoga Springs neighborhoods – not miles away in Guilderland or Troy or Queensbury -- to present an accurate analysis of the market.

Selling a home brings out a lot of emotions. We all think our house is the best, especially when we factor in the memories made in that home. But when the time comes to sell, the CMA helps homeowners to think with their heads and not just their hearts.

Once I have reviewed the CMA with a seller, we work to come up with a price designed to generate interest and offers. Even though a seller might have a price in mind, the listing price must reflect the facts of the CMA. A brand-new listing attracts a lot of attention, but if a home is overpriced, it likely will languish on the market. Remember the Realtors working with prospective buyers also have the same statistics and inform buyers of a realistic purchase price for the neighborhood. If the listing price is so out of touch with the rest of the area, buyers will decline to even look at the home and instead focus on viewing competitively priced homes.

And a house that sits unsold? The listing gets stale, and buyers will perceive there is something undesirable about a home because it’s been for sale for weeks. And then what happens? A seller has to drop the price anyway, having lost time and money.

If you are considering selling, please give me a call. I’d be happy to show you the CMA for your home and help you set a price and develop a marketing plan to sell your house fast.