Home Selling in 60607>Question Details

nsanghani, Home Owner in 60607

What's the best way to determine expected selling price and based on that the reasonable listing price in order to ensure the place sells in 3

Asked by nsanghani, 60607 Sun Jun 13, 2010


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The best way to determine expected selling price and a reasonable list price based thereon (with the goal of selling in 3 months) is to take a look at the details for sales of comparable properties which have sold in the area over the last 3 to 6 months. Then, focus on the properties that are MOST like the one you are trying to sell and which sold in the least amount of time. 

For access to accurate information regarding comparable property sales, you should have your licensed Realtor with MLS access prepare a comparables report for you, detailing this information. If you don't have access to the most up-to-date information from the MLS via a licensed Realtor, you do not have all of the information and you do not have the most reliable, up-to-date information. 

Start by looking very carefully at the specifics for sales of properties that appear most like the one you currently own and are trying to sell. As you examine the details about these sold properties, focus on the square footage, number of bedrooms and baths, whether the property has in-unit washer-dryer or in-unit washer-dryer hookups and a dishwasher, condition of the property (including, more generally, whether it is updated and clean, and then, more specifically, whether there are double-vanity sinks, hardwood floors throughout the unit, granite countertops, stainless appliances, etc.), parking details, unit floor number, type of building, condition of the building and home owner association, type of sale (was it a foreclosure or short sale? or a "regular sale?" estate sale? is it being sold "as is?"- this makes a huge difference in market value), and the similarity in location of the comparable property (if you are in Logan Square, for instance, properties located directly on the boulevard commonly command a higher price than similar ones located on side streets - it's all about location!) 

When you find reports for the sales of properties that most resemble the one you are planning to sell which sold in the least amount of time - look at what the list price and sale price of each is and aim at similar numbers for your own listing. 

The above, however, is all in an ideal world. In today's market, especially as we pass the June 30th close deadline for the first time buyer tax credit, there are often going to be fewer closed properties. If you can't find recent sales for properties that closely resemble yours in the above-mentioned ways, start expanding your search and broaden your definition of "comparable" a bit until you do - open up the location parameters slightly, back up time-wise 3 months and perhaps another 3-months, until you do. Then price as closely as you are able.

Don't price higher and think you are going to get more because you love your property.
You'll think about it - we all do - but don't do it.
With this approach, you'll simply waste time on the market and torture yourself. The longer your market time, the stronger the smell of blood.
And don't list with the agent who tells you the highest list price.
Don't be that sucker.
In all likelihood, the agent who tells you what you want to hear will always do that and you don't want a liar who will "yes" you to represent you - you want a skilled professional who will do what is best for you and tell you the truth (especially and most importantly when it is ugly).

After you list, if you are NOT getting "action" (if no buyers are scheduling showings), start lowering your price on a weekly or bi-weekly basis until you do - this will show you where the market thinks your home should be priced. 
Web Reference: http://www.dreamtown.com
2 votes Thank Flag Link Wed Jun 16, 2010
Having an experienced agent working with you to put together a Comparative Market Analysis (CMA) or a Broker Price Option (BPO) is your best bet. There are many brokers out there, myself included that would be willing to do this for you for no charge in the hopes of earning your business. Please let me know if you would like a CMA or have any other questions.

Ciao for now,
Randy Whiting
1 vote Thank Flag Link Mon Jun 14, 2010
Have your real estate agent pull comps of homes like yours which have sold in the last 6 months. Price the home about 5% above the average of those selling prices. After that, you should get an offer within 30 days. Good luck!
0 votes Thank Flag Link Thu Mar 6, 2014
List to Sale Ratio: Figure out the Median List Price in the market Area, Figure out the Median Sale Price in the area... This will give you the List to Sale Ratio as a Percentage.
0 votes Thank Flag Link Wed Jan 22, 2014
Hello nsanghani !!

There is no guarantee a home will sell in three months. If you seriously price it under the market in your area, then there's only the possibility. That said, there are some areas in Chicago, where some units have been known to sell for more than listing price. If you want some idea of a reasonable listing price coupled with information on market sales in your area. It would be in your best interest to contact a broker. I am a broker in Chicago and can provide you with the information you are seeking. If you are not already working with another broker, I would be more than happy to assist you. Please give me a call at 312 933 4121.
0 votes Thank Flag Link Thu Jul 25, 2013
There is NO MAGIC you can have THE PERFECT home THE PERFECT location THE PERFECT staging of interior and exterior house can't sell.

Ask your listing agent who would have "stat's " provide you

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Wed Jun 16, 2010
Review recently sold similar properties in the immediate area, properties currently in contract, properties currently on the market--the data will help you determine a fair listing price--keep in mind that if priced slighlty below value, multiple offers could occur and, oftentimes resulting in a price higher than list price--also make sure that the marketing maximizes your exposure; the property shows well, is neat, clean clutter free and don't forget the exterior for curb appeal. Your agent can best advise.
0 votes Thank Flag Link Wed Jun 16, 2010
The best way to determine "either" pricing is to run the area comp's. Using the same parameter's that an appraiser will use to bring into the appraisal.

It depends on what area the property is located in. Our area sells within the same day or couple days if the home is in good condition and good location.

Slow moving areas take a lot more work and then proper marketing comes into the picture.

Also, to promote more attention, you could list the property for less and accept the highest offer presented. (of course, within the comp's)

Best of luck!
0 votes Thank Flag Link Sun Jun 13, 2010
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