But the wrong price can have your property sitting on the market for months and all you'll do is help sell competing homes.
Most potential sellers consider a Comparative Market Analysis from a Realtor. The CMA that I share with my sellers analyzes 4 main market factors that help determine current value.
My professional price opinion is similar to an independent appraiser. I scrutinize statistics that cover the past 6 months and properties that are comparable to your home's size, age, condition and especially location. These are the comparables that banks and financial institutions consider in an appraisal.
These factors include:
- Evaluate the Sold properties in your neighborhood. This would include homes comparable to yours in size, age, condition, etc.
- Consider Pending Sales of comparable properties. Though they have not yet closed, homes under contract are a good indicator of value and demand in the current market.
- Gauge the Competition. It's important to determine how you compare with competing properties for sale. Buyers will be viewing and comparing these properties with yours.
- Consider expired, canceled and other properties that failed to sell. These are the heartbreakers that will show you what potential buyers will not pay.