How we price homes properly in today’s volatile real estate market.
What are the best ways to price your property? Let’s talk about everything that goes into pricing a home.
First, there are a few factors we need to keep in mind. Where is your home located? This is usually out of your control, but it starts to determine the value of your property. Also, the updates you’ve made to the home can greatly impact the price. Have you renovated or made any improvements? Maybe you’ve added a bedroom, blown out a wall, or added a pool.
“Updates can have a huge impact on your home’s value.”
A term you’ll hear Realtors use a lot is CMA, which stands for comparative market analysis. That’s our tool to find the proper pricing for your home. Usually, agents would look back about a year to find comparables or homes similar to yours. However, our market is so volatile that this time frame is changing—most successful agents are looking for comps within 60 to 90 days.
With how the market has been changing, many of the various pricing methods have also been changing. Recently, we’ve had a good reaction to auction-style pricing. We’re still getting top dollar for our clients, but we’re doing it by pricing the home at market value and bringing in as many buyers as possible.
If you have any questions about how we price homes or about real estate in general, feel free to call us at (757) 447-2877 or email us. We’d love to help.
