How Do I Determine Pricing For My Home?
Good listing agents will put together a Comparative Market Analysis otherwise known as a C.M.A.
They work with you to do some research on your particular home such as number of beds & baths, parking, square footage, how updated the home is…especially kitchen & bathrooms, central air & any additional features such as a finished basement or roof deck.
Now we go into the MLS & see what has sold within .2 or .3 miles. In the suburbs agents will use a larger geographic area. In Philadelphia neighborhoods change quickly & usually this is the distance an appraiser will use. The most important comparables are what has actually sold, however, you want to see what is pending & active as this is your competition.
Provide you with a report of their findings & suggest a listing range.
The most important aspect of listing a home is pricing it in line with the market. The first few weeks on the market are crucial & it is of the utmost importance to get as many qualified buyers through before the listing gets “stale”. Correct pricing usually results in a shorter period of time on the market which means less hassle on the seller to get ready for showings & less inconvenience having to leave your home during showing times.