attachment and the practical realities of the market. A home that lingers on the market often sells for less than its original list price, so it's crucial to price strategically from the start. Two key points to remember: • Sentimentality doesn't translate into monetary value. Your emotional connections to your home won't factor into the buyer's decision. • Investment in upgrades doesn't guarantee a dollar-for- dollar return. Make sure not to price your home out of the local market. Sale Price vs. Market Value Sale price is what a ready buyer is willing to pay, and it becomes an objective fact once the sale is complete. Market value, on the other hand, is what a property could sell for in a competitive market, considering current supply and demand.
Pricing Approaches and Considerations
When deciding on a price, consider different strategies: • The "leave room for negotiation" approach might lead to a slower sale and lower final price. • The "price it according to worth" approach could result in your home being comparably priced to similar properties. • The "underpricing generates interest" approach may create buyer excitement but could undermine achieving a higher sale price. The Comparative Market Analysis (CMA) s (CMA) A CMA is essential for strategic pricing. It compares your home to similar, recently sold properties in your area, helping to set a competitive listing price that aligns with the market, thereby reducing the risk of under-appraisal.
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