Thanks to the proliferation of information available online and in how-to books and magazine articles, most homeowners have a good grasp of most of the basic steps they will need to take before selling their home. Decluttering, cleaning, painting, and staging are all important parts of preparing a home for the market, but the most important part of all is the one that can not easily be learned by reading even the best DIY article.
Pricing is the key to the best possible home sale
Pricing a home correctly involves the consideration of many factors. These factors include:
- the size, age, and style of the home
- the condition, features, and amenities
- the market conditions in which the home is located
- any additional positive or negative features or influences that affect the home or area
Once these factors are identified, they must then be skillfully compared with other homes in the area, including both currently listed homes and those that have recently sold. Real estate agents use a comparative market analysis (CMA) to make these comparisons as accurately as possible.
Computerized home pricing sites often base their pricing models solely on whatever public information may be available, such as tax appraisals performed by county assessors in order to set taxation rates. Because an appraisal for tax purposes is different from one performed to determine actual market value, their can be tens of thousands of dollars of difference between the two.
Sellers who make the mistake of using an online home pricing site to help set a price for their home may under or overprice their home by thousands of dollars, with both situations leading to painful consequences.
Agent-assisted home sales bring a higher price than by-owner sales
Additional evidence that enlisting experienced real estate services to handle the listing process, including setting the price, is readily available in statistics provided by real estate industry giant, the National Association of Realtors (NAR). Some high points of these statistics for counting year 2015 include:
- by-owner home sales accounted for only 8 percent of all homes sold
- by-owner homes sold for an average sale price of $185,000 while agent-assisted home sales came in at an average price of $240,000
- a survey of by-owner sellers showed that pricing was the biggest obstacle for their home sale
For more expert information on pricing your home correctly for the market and why it matters, take time to visit the offices of a reputable real estate professional in your area.