One of the most important aspects of the home selling process is determining the right selling price. If you want to sell your home for the best price in the shortest amount of time, then pricing it right from the beginning is always your best option.

There are a few different methods of determining the best selling price for your property. The first option is to contact a Realtor to obtain a comprehensive marketing analysis. The Realtor will most likely ask to preview your home, will ask detailed questions about whether or not you have made any improvements or upgrades, will research public records, along with other properties that are currently for sale and have sold within the area. Then they will sit down with you to discuss a pricing and marketing strategy designed specifically for your property.

A home seller can also hire a licensed real estate appraiser. The appraiser will charge you a fee for this service, and that cost can vary depending on the company and the complexity of the report. The appraisers report will take into consideration, the condition of the home, the neighborhood, including what other properties have sold for in the area that are similar. The appraiser could use either a sales comparison, or a cost/replacement method, or a combination to determine the market value. If the buyer is financing any portion of the purchase, then a bank will always use a licensed real estate appraiser to determine the value. If the property doesn’t appraise for the selling price, then chances are the sale may not go forward without further negotiation by one or both parties. This could be a topic for another post.

A home seller could also use on-line tools to estimate a property’s value. Beware, as this type of estimate alone is not a very reliable source for determining a properties true market value. There have been instances when the value could be off anywhere from 10% to 50% or more, in either direction of too high or too low.

The dangers of overpricing and then dropping the price several times while the property lingers on the market unsold can easily be proven. The longer a property stays on the market, the deeper the discount will be off the original price. Price your property right the first time. It’s in your best interest.

If I can help you with your home selling needs, please call me – 508-725-5858. I would love to help you make the next move!