PRICING YOUR HOME IS PART SCIENCE, PART SKILL
There are a few things to think about when trying to get the highest possible price for your home:
TIME OF YEAR
Spring is usually the hottest time to sell a home. The weather warms up, and since school is almost out, families prefer to move before the new school year begins. There may be different types of buyers in the Summer months as well; single buyers or families not beholden to a school schedule.
Fall is the second-best season. After summer vacations are over, people are back in a routine and have time to be attentive to the house purchasing process. The winter months are considered a Buyer’s Market. Those selling during the holidays are generally highly motivated by life events to sell quickly.
The basis of home buying and selling is simple: supply and demand. When there are more buyers than homes for sale, homes receive multiple bids and higher sales prices. When there are more homes for sale and fewer buyers, home values might plateau. More desirable areas and those with lower inventory typically have higher home values. But even if inventory is low in a particular area, you may find that it is more difficult to sell in certain areas, resulting in lower prices.
READY TO PUT YOUR HOUSE ON THE MARKET?
Book an appointment with the Vasquez team today to ensure your house is priced competitively and well-staged. Why? Since three elements figure out if a home is sold—location, price, and condition—only two of them are under your control: price and condition. Which one is more significant? In terms of the two, price is more important. Condition issues will be corrected as long as the price is right, but condition issues will never overcome a bad price.
But how do we sell your house competitively so that both parties get a fair deal? A Comparative Market Analysis (CMA) can be one of the most vital instruments in establishing a list price. Studying the CMA carefully will help you understand how the market operates. You’ll be able to see how much your house might be worth after you sign the contract, relying on the knowledge you gain from studying previous sales. Remember that the list price of a comparable Active listing is your competitor, not an equal value. Active listings have not sold.
The CMA reports usually contain:
- Active listings in your area with similar homes to yours; the age of construction, number of beds, baths, and square footage.
- Homes sold within the last three months, including pending sales that are likely to close when your home is sold.
- Off-Market, canceled, withdrawn, or expired listings: these properties were taken off the market for any reason.
The CMA provides reliable data so you know you’re getting a fair market price. You won’t have to second-guess whether you got the best deal for your home. And, most importantly, you’ll start the next chapter of your life in the best possible position.
What’s your home worth?
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