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How Does a Seller Determine the Sale Price to ask for his Home?

What is my home worth?When I meet with a home owner planning to put a home up for sale, the most pressing question the owner has for me is “What is my home worth?” Since a home sale is dependent upon, area, condition, price, and demand, it is critical that the homeowner has all of the necessary information in order to price the home to sell quickly and for as much money as possible.

So how is the value determined? Many real estate professionals will focus on 3 to 5 homes that have recently sold in the seller’s neighborhood. While this technique is important, it neglects to factor in current demand.

A review of the current market is critical. The market isn’t just the neighborhood the subject property is located in and it doesn’t limit itself to recently Sold transactions. The Current Market Analysis (CMA) should encompass the entire area of town in like-styled neighborhoods and showcase Active, Pending, and Sold properties.

Active listings are necessary to consider. In order to price competitively, the seller should know the number of competing homes, along with their price and condition. The competing homes are not only in the subject properties neighborhood, but in other like neighborhoods in the same area of town.  In addition, the CMA should feature the homes that are currently under contract, but not yet closed, as well as the homes that have sold and closed within the previous six months. Reviewing the price and condition of all competing homes is the best way to begin to understand the current value of the subject property.

When I look at all three areas of the CMA (Active, Pending, & Sold), I begin to see a pattern of average price per square foot which will lead me to an appropriate price range to suggest to the seller.  Price is critical. Properties that are priced well for the current market will attract showings and offers. Those are the ones that sell. Other critical success factors such as staging and marketing of the property, without the proper price, will likely not do the trick by themselves.

To learn about your home’s current market value, contact Kathryn Sotelo, Louisville Ky Realtor and Team Owner of At Home In Louisville Real Estate Group, a Proud Member of the Keller Williams Realty Family.  502-653-3577, Kathryn@athomeinlouisville.com. 

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