Correct Home Pricing From The Start Can Make A Huge
Difference in The Amount Of Money You Walk Away With
It’s no big secret that Arlington is a seller’s market at the moment, with quite a few properties getting multiple offers and selling quickly. In a market such as this, it can be tempting for a seller to set an unrealistically high price initially. But even in a seller’s market, pricing your home correctly from the start can make a huge difference in the overall amount of money you walk away with at closing.
Simply put, in a market like Arlington overpriced homes often sell for LESS than competitively priced homes. This may not seem like a huge problem if you intentionally overpriced the home and are willing to bid down the price. But Arlington buyers are sophisticated, and are more inclined to bid up in price on a home they really want than they are to bid down on a home that they feel is overpriced.
Overpricing a home in Arlington will also give buyers and buyer’s agents a bad first impression of your property, and this kind of negative energy is contagious. You want to avoid it at all costs! Your best bet is to price your home correctly from the start. There’s really only one sure way to do this:
Have a good Realtor® perform a CMA on your home. A CMA, or Comparative Market Analysis, is a method used by Realtors® to conduct an in-depth analysis of a home’s worth in today’s market. This is the best method available to homeowners to learn of your home’s value. To arrive at a CMA, the Realtor®:
- Conducts a thorough walkthrough of your home.
- Researches similar properties that have sold and closed in the last 12 months
- Researches active listings that are comparable to your home
- Looks at pending sales
- listings that have sold but not yet closed.
- Look at expired listings in your area
- homes that did not sell during the listing period.
- Short sales and foreclosures are excluded from any CMA. These types of sales do not reflect the current market pricing.
Once this information is gathered, a good Realtor® will analyze the data and arrive at a home price that they are confident they can sell your home for in the current market. An in-depth CMA strives to find a competitive price for your home that will spark interest among buyers. A price that is the correct price for your home in the current market.
For a Free Preliminary CMA, click here.
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