Set a List Price for Your Home
To correctly set the price of your home here at MVP Consulting Group, LLC, this is what we take into consideration:
- No matter how beautiful and elegant your home is, buyers will be comparing its price with everything else on the market. The best guide is a record of what the buying public has been willing to pay in the past few months for property in a neighborhood like yours. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average days on market (DOM) can run into many months. In a seller's market, you can price a bit beyond what you really expect just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.
- We will provide a Comparative Market Analysis (CMA) which includes the list of comparable closed sales along with data about other houses in your neighborhood presently active on the market. To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months (expired listings) and pending sales, along with their list prices.
- We also sometimes recommend getting an appraisal. A formal written appraisal (which may cost between $300-$500) can be useful if you have a unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price, or if there is any other circumstance that makes it difficult to put a value on your home.
- Finally, if there haven't been enough prospects viewing the home after 2 or 3 weeks, we have to reduce the price or offer incentives, such as a seller contribution towards closing costs or bonus to the buyer agent.
Here at MVP Consulting Group, we are always available to respond to your questions and help you with all your real estate needs.