Pricing Strategy 101
What You Need to Understand When Pricing Your Home
When you contact me for a home valuation, you will receive a CMA (Comparative Market Analysis). My CMA will provide to you the data and reasoning to help you see not only the value of your home but also why that value is accurate.
When you understand the objective for valuing your home, you will be able to pinpoint a more accurate asking price for a quick and efficient sale. A prompt sale avoids a lot of the stress and disruption of repeating showings.
This CMA will protect you from undervaluing your home or over estimating your property. Consider what happens when you accept a high offer, but the appraised value is less than the offer price. Many factors can contribute to this misperception of value. As a seller you may be open to listening to exaggerated sales prices of your neighboring homes. You may find that you are applying broad market trends and simplistic assumptions to come up with an unreasonably high value. You may even think you can recoup the cost of every home improvement you have ever made on your home. Mostly, you may want to attach a high value based on your emotions and pride of ownership.
If you are a buyer, you are often at a greater disadvantage in knowing the market value of the home you want to purchase. Having a CMA in hand gives you the leverage you need to make offers based on objective data relevant to the specific market.
If you find yourself selling or buying a home, drop your contact info below and let’s chat about your goals and how I can best serve you as your Pricing Strategy Advisor.