There are a number of ways real estate agents price a home for sale. At River Valley, we begin by touring your home and understanding its features. We will review necessary repairs and maintenance, consider improvements and discuss staging options. The pre-listing evaluation begins the conversation about what condition the home will be in when it goes to market, which will in turn impact its selling price.
After viewing your home, our agent prepares a Comparative Market Analysis. Using the MLS, experience, and knowledge of the inventory, your River Valley agent will do a comprehensive features and benefits comparison, weighing the features of your home with comparable sold properties. Some of the features analyzed include square footage, lot size, location, condition, and upgrades. This analysis is similar to the appraisal used by lending institutions to determine how much they would be willing to lend a buyer. The objective of the analysis is to arrive at an anticipated sale price for the home. Ultimately, the buying public determines the value of a home at a given time, but the anticipated sales price provides the basis for our negotiations.
Your River Valley agent will then factor in the current market conditions, inventory levels of homes similar to yours, and anticipated seasonal activity. Next, we consult with you on your level of motivation, your time table, and review the list to sale price percentages in your market area. We combine the analysis, these statistics and your personal considerations so that we can provide you with a suggested asking price.
Pricing correctly is critical in order to maximize your exposure to the buying public. Buyers have a wealth of information available to them, and are very sensitive to price points when searching for properties. Sellers often think that a buyer will “make an offer” if the asking price is too ambitious . . . but experience shows that buyers will often wait out sellers until the asking price is more realistic.
For a complimentary pre-listing evaluation and pricing analysis, one of our experienced local agents would welcome the opportunity to meet with you. Please call owner Kim Ward Bacso at 609-397-3007 or email her at Kim@RiverValleyRealtyNJ.com to discuss your real estate goals so that she can match you with the best agent to help you reach them!