Once you have decided to sell, the next big step is to determine what the fair asking price should be for your home. Try to avoid overpricing your property; this may cause your home to remain on the market for an extended period of time. Instead, you should price your home so that you get a fair return on your investment and in a reasonable time period.
If you have chosen to use a real estate agent to represent your interests, he/she can guide you in setting the price at just the right amount. The agent, or a licensed appraiser, is able to complete a Comparative Market Analysis on your home. A CMA compares your home with similar properties that have sold within a specified period of time. This will enable you to set a comparable price to others that have been on the market.
Other factors to consider when setting a price for your home:
- Economic conditions of your community
- The supply and demand ratio in your local housing market
- The location of your property (school districts and subdivisions)
- Your home’s special features (garage, pool, fireplace, in-law or guest quarters)
- The age and condition of your home
- Seasonal influences (the housing market may be stronger during certain times of the year).