On this weeks instalment of Fiduciary Friday, Joe discusses Pricing Strategies when selling your property. How does a realtor get you more interest and showings for your property? If you would like more tips on selling your home click here. There are typically 3 pricing strategies you can use when selling you home. Do you know what they are?
Before we discuss what the strategies are, we should quickly address what a Comparative Market Analysis (CMA) is.
What Is A Comparative Market Analysis?
Comparative market analysis (CMA) is an examination of the prices at which similar properties in the same area recently sold. Real estate agents perform a comparative market analysis for their clients. It will help them determine a price to list when selling a home or a price to offer when buying a home.
With this explained, now we can get into the different ways you can strategically price your property for the best results. Do you need further explanation of a Comparative Market Analysis? Click here and send Joe a Facebook message.
Pricing Strategies When Selling #1
Pricing your property higher than the Comparative Market Analysis. Buyers will compare your home with others on the market when looking to buy. They will look at homes that compare to yours in size and value. If your home is priced considerably higher than those homes that have either sold or are on the market in your area, fewer buyers will be interested in looking at your property. If your home is priced too high, this could result in fewer showings. There could be less interest and a much longer time on the market.
Pricing Strategies When Selling #2
Pricing your property in line with the Comparative Market Analysis. Your property is priced comparative to others that are currently listed or recently sold in your area. This results in more interest and showings for your property. You may get more or multiple offers. The potential for getting your total asking price is greater.
Pricing Strategies When Selling #3
Pricing your property below the Comparative Market Analysis. If your property is priced below properties comparable to your own, this will result in the greatest amount of interest and showings. Buyers are looking for the greatest value for their money. Pricing below the CMA can result in multiple offers and a greater opportunity to sell for your asking price. Sometimes, this may result in a competition between buyers. It could also yield even more than your asking price.
Which pricing strategy do you think works best? Are you interested in selling? Email Joe here to discuss listing your home, and find out what is the Comparative Market Analysis on your property.