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Selling Your Crofton Home – Step One

Step #2:  PRICE & TERMS

It’s highly unlikely anyone will buy your home for more than a nearby home with similar size and features.  Pricing is the key component in your home sale – it determines whether your home will sell at all!

Cartoon money flippedPricing any home in today’s complex market can be a real challenge.  Homes are still selling, however, in spite of the barrage of negative media reports and direct competition from over-built new construction, bank foreclosures and short sales.  PRICE  is the key component to selling real estate!


There’s a lot to consider:

  • How many homes are on the market now?  What are the listing prices for homes of similar size and features? 

  • How many of these are new construction, foreclosures, REO or short-sales? 

  • How many homes sold in this area last month?  Each of the past six months? 

  • What was the average sold price and terms for sold homes last month?  Each of the past six months?  

  • What was the median sold price and terms for sold homes last month?  Each of the past six months? 

  • What were the selling concessions, if any, for the sold homes?

  • What is the absorption rate in your market? 

  • What was the average days on market for sold homes in this area last month?  Each of the past six months? 

  • What is the percentage of sold price to list price?  Was that the original list price, or a reduced amount? 


Home sellers look to me for a pricing recommendation, and gathering this information is where I begin.  Other necessary steps are an analysis of this data and a personal visit to the property.  With 35 years experience under my belt, I’m pretty good at getting it right.  But the final call on pricing is always made by my clients, assuming I accept the listing.

 

Continue to Step #2

Click to view the Power of RE/MAX, a short video titled “Reach for the Sky”.

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