Homes Comps: Determining Your Listing Price and Home’s Value

When it comes to buying a home, most buyers will use the listing price to determine the homes search online, that they look search. Even though you and a real estate agent may determine the asking price, the buyer will determine the selling price. If the price is too high, most buyers won’t give it a second thought, but should negotiate in a soft market.

If you are a seller and set the correct price, you’ll notice a much faster sale. Setting the right listing price will also attract more potential buyers to your house as well. You’ll notice an increase in response from real estate agents in the showings you’ll receive more calls about the property. The listing price is very important, if you are off by a lot it can become stale and the longer the days on the market the fewer showings you may get. It could make the difference of whether you sell or not.

A home may be over priced due to several reasons. Over pricing is something you want to avoid, buyers tend to steer clear of homes that have been over priced. This happens when a seller asks a lot more than the home is worth or valued at. Some sellers ask a lot more than the value of the home due to location. Location is very important, most potential buyers won’t give the home a second look if they think the price is too high, or out of their price range.

When you put your home up for sale, most activity will happen within the first couple of weeks. price the home right for the most interest. Buyers are waiting on new houses to hit the market all the time.

Determine the listing price of your home. In this market you may want to have it appraised first. This way you’ll know the full value of your home. Real estate agents will do a CMA (Cost Market Analysis) for you if you ask them to possibly before you list it. You can sell it for market value or go a little under, although you should never attempt to go way over the value. In doing so, you’ll miss out on a lot of potential buyers and showings, and buyer’s agents showing your property to prospects. The home market is very competitive these days, which is why you want your home to draw as much interest as possible.

Agents really have no control at all over the real estate market, only the plan behind the marketing.
Real estate agents will suggest a list price. You can ask an agent for advice. If you do things right and take each thing step by step. If you are looking into listing your home, I can have an associate agent contact you.

If you have questions about real estate at anytime please email me ron@minnesotainvestors.com

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