Realistic expectations are paramount when selling your home, and establishing those expectations from the very beginning is an important part of our process. The truth is that most buyers don't have the patience to negotiate with a seller on an overpriced home. They also tend to see more days on market as a red flag, and avoid the listing altogether.
If you don't price your home correctly the first time around, you may end up missing out on the most qualified buyers that are ready to purchase your home for a fair price right now.
We take several steps to determine the right price for your home.
Preliminary Market Analysis
Our listing specialists start by providing a preliminary home valuation, which will give you an idea of what your home is worth, site unseen. This analysis considers similar properties, or comps, near your home to get an idea of which homes have sold and for how much, as well as considering listings that have been cancelled or have sat on the market for a long time without selling.
Once an on-site property assessment can be scheduled, one of our listing specialists will visit your home (or view photos and collect information if a visit isn't possible) and consider your home's condition, recent updates you may have made, and any unique features the home may have. Then, a professional, up-to-date comparative market analysis (or CMA) will be provided. The CMA takes the property-specific information the agents has collected into account when comparing your property to nearby comps and concludes with a pricing strategy proposal.
While this amount isn't set in stone, the proposal is a good indication of the price point at which your home will sell quickly and successfully.
What happens if you overprice your home?
Some agents will over-value your home hoping to win your business by convincing you that you will make more money listing with them. If they are smart, they will quickly change their tune after a couple weeks of low activity and recommend that you lower the price to market value.
We consider this a blatant bait-and-switch model and prefer to price your home correctly the first time around to get your home in front of as many qualified buyers as possible, as quickly as we can.
Consider these scenarios:
Which scenario sounds best to you? We consistently use the last two strategies, depending on which option the seller prefers after considering how the specific price point and location the home might affect the sale.
What if current market value isn't enough?
If the value we determine isn't in line with your goals, that isn't the end of the story. We always do our best to determine ways to make those goals a reality. For example, we may recommend a couple of updates, additional marketing tactics, or considering selling at a later date. If we can't agree on a good strategy, we are honest about the fact that we may not be the best agent for the job.
Your goal is to get your home sold.
The best way to achieve your goal is to listen to the time-tested advice of a professional and make decisions that will attract a high number of interested buyers. Contact our listing specialists, Alex Fajardo and Ryan Forger, to get started.