Pricing your Massachusetts home correctly
Pricing your home correctly from the start ensures that you receive strong market attention, competitive offers, and a timely sale. THRIVE Real Estate Specialists will provide market guidance and strategies, but the actual price of your home is up to you! Here are tips to help you determine price:
Home prices are not the same as other valuations:
The amount you originally paid for your home does not have a bearing on current market value.
Your property tax assessment is not an accurate indicator of current market value. Tax assessments are conducted infrequently, but home values change constantly!
Online home value tools offer a guideline, but they cannot take individual factors into account. Your home may have features and amenities that increase its value. If your home needs repairs, the value may be less than the online estimate.
A Comparative Market Analysis (CMA), prepared THRIVE Real Estate Specialists is the best way to determine the price range of your home. The CMA is a local analysis of recently sold homes with features similar to yours. The very latest home sales data is used in the CMA.
What happens when you price your home right:
- Homes that are priced right gain immediate attention. A sense of urgency is created among serious home buyers and local real estate brokers, which leads to more showing appointments and quicker offers.
- A home that is priced correctly, and strategically marketed, will draw attention away from similar homes. This gives you a competitive edge.
- A sense of competition among buyers can lead to multiple offers. This can actually increase the final sale price of your home.
- Bank appraisals are more likely to be in line with your sale price, meaning fewer chances of your deal falling through.
- If your home is priced right, you are in a stronger negotiating position. This means fewer contingencies and less haggling from your prospective buyers.
What happens if you over-price your home:
- Over-priced homes end up competing with other homes that offer more amenities for the money. This creates an immediate disadvantage.
- Over-priced homes are often ignored by potential buyers and their brokers. New listings appear on the market daily; if you do not capture market attention in the first 30 days, it becomes harder to sell your home.
- Homes that linger on the market face changing conditions. For example, mortgage interest rates can increase and discourage some home buyers.
- Homes that are over-priced face problems with bank appraisals. If the appraisal fails to justify the sale price, the bank may deny the buyer’s mortgage application.
- Over-priced homes may end up selling for less than the original recommended price range in the long run. When buyers sense desperation due to long days on market, low offers follow.
Our expert guidance will help you obtain attractive offers in the least amount of time!