Illustration from Zan Monroe
Positioning your property correctly will be critical to getting the property sold in a timely manner. I don’t want you to be under–priced, but it’s worse to over–price in any market. The longer a property stays on the market, THE MORE STAGNANT it becomes.
MY GOAL IS TO BE ON THE TOP PART OF THE POND
FLOWING WITH TRAFFIC
NOT ON THE BOTTOM OF THE POND
STUCK IN THE MUD
How do I come up with a suggested list price that reflects your home’s competitive position? It’s a combination of services and experience, and I'm going to be very careful and detailed in my analysis and market evaluations to make sure that you don’t leave money on the table or sit around wondering why you aren’t getting offers.
CMA of Sold Properties
First I select comparable properties out of those active, and sold recently and in the neighborhood or nearby. These “comparables” or “comps” are selected based on similarity in features, location and characteristics with your home.
I then do a through “adjustment” process to adjust the prices for any differences with your property. If a home has one more bedroom than yours, I would adjust that property’s price downward for the value of one bedroom to make the comparison “apples to apples.” I make adjustments for garages, bathrooms and other major features to bring our comps to closely compare with your home.
Another process is calculating the absorbortion rate for property, this will let me know how many homes are on the market and how many months supply we would be looking at for competition.