How to Price your Home for Best Offer?
Pricing the house correctly is one important factor to be concerned while fixing price of any house to sell it. Overpricing the property will result in loosing the freshness of the property after few weeks. Setting a below market value, surely will attract many offers.
One method to receive the highest offer for your house is to fix right price. This can be performed by comparative market analysis (CMA).
Let's discuss few points in simple terms that can help you fix the rate of your house.
Decision of Pricing Your Home
Mostly, any agent can be approached to price your house. Two agents can make use of same strategy to price your home. But they can come up with different rates.
In general, rating your house for a higher price is a mistake. Its fine, if you rate your house below the market rate. Because, pricing below the market rate welcomes multiple offers, that will slowly drive the rate up to the market. You have to understand the fact that, pricing is all about supply and demand.
We will discuss some important aspects you must analyse to get the best offer for your house.
Comparative Market Analysis (CMA) to Fix Price of Home
- Compare all similar property as yours in the neighborhood (the rate of past 6 months).
- Its fine if you narrow down the time frame even more. Recent price listing is a best option.
- Compare similar square feet rate within 10% less or down.
- Always compare apples to apples. If your house is built in 2000, compare the property with building constructed in that year or in that range.
- Compare the following:
- Original list prices to the final sales prices to determine price reductions.
- Final list prices to actual sold prices, and determine the ratios.
- Compare atleast three properties that were sold at the market value.
- The list of sales and quarterly sales reports can be obtained from the local assessors's officers or from the newspapers.
- If your square feet is 2000sq.ft, then compare it with sq.fts between 1800 to 2200 sq.ft. Do not simply multiply the square feet with the price value. The rate of sq.ft increase with size increase and vice versa.
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