The selling price of a home is the highest price the market will bear. Simply put, your home will only sell for as much as people are willing to pay. To assist in determining the correct asking price, we start by preparing a comprehensive market analysis of comparable properties that have recently been offered for sale in your area. This analysis is based on properties considered to be similar to yours and is specially prepared for you based on the most recent data.
This analysis takes into account four different listing categories:
- Similar properties that are currently listed
- Similar properties that have recently sold
- Similar properties that have sales pending
- Similar properties that failed to sell (withdrawn, expired, cancelled).
We look at the comparable property in terms of location, features, size, condition and the terms under which they are offered to develop a clear picture of the potential market for your home.
Currently listed properties show us what alternatives a serious buyer has to choose from. Looking at similar properties that have recently sold show us what homeowners have actually received over the last few months. These are very important numbers as they are used by lending institutions to determine how much they will be willing to lend a buyer for your home.
While we certainly want top market value for your home, we have to be careful of the point where the price would be too high. By looking at properties that didn’t sell, we can more accurately determine that price point and be careful not to get too close to it.
If all of this is making you curious and you have another 2 minutes to spare, we’re happy to provide a hassle-free, custom market analysis of your home. Let’s get started!
