You can price your home for sale using a few different methods, but we will touch on Comparative Market Analysis and Home Appraisals.
What is a Comparative Market Analysis (CMA)?
The CMA is a summary of how your home compares to others that are currently on the market, and more importantly, those that have recently sold in your area. This analysis does take into account the things that make your property unique, and you should see adjustments in value for those things that are either better in your home, or that make yours less desirable when compared to the other similar properties around.
What is a Home Appraisal?
A home appraisal is an unbiased estimate of the true (or fair market) value of what a home is worth. In a purchase-and-sale transaction, an appraisal is used to determine whether the home’s contract price is appropriate given the home’s condition, location, and features.
Why is a good price important?
The first and most important thing to do is to get a great price on the home – as a properly priced home will sell. Regardless of market conditions, there is always a right price to attract a buyer, and you should have a discussion on the implications of both over and under pricing a home.