We always look at the comparable properties , do a market analysis, and so forth. The best way to price is through dialogue with your chosen listing agent. Invite 3 agents into your home and get some opinions!
In a changing market, as well as in the normal market, the philosophy of pricing is pretty much the same.
The pricing of home always depends on supply and demand, the buyers out there, the supply of money, and your motivation.
If you are serious about selling, you should always price your house competitively. You need to know the local market, the desirability of the location and the kind of house you have; the condition of your house also affects how you should price your house. The price range of your house and the kind of buyers also affect how easily you can sell your house.. Make sure you track the recent sales and inventories of the houses around your area...
Considerations are many, your realtor should be able to advise you, or please feel free to email or call me and we can discuss more
Your profile indicates that you are a buyer...so I am not sure what you are asking. You've received some good advice, however it may not apply to your situation. Markets are ALWAYS CHANGING. The key is to know WHAT DIRECTION and HOW QUICKLY.
My experience has been that the number of agents that truly understand markets are few.
The other big question is where you are moving and when do you need to be there. As in any endeavor, time is money.
If I had a few more particulars I could perhpas provide you with a more useful answer.
I'm not sure where you are located so your questions is rather a broad one. But to give as detailed an answer as I can without having more knowledge of your home's condition, location and/or current marketing efforts.
First of all, you need to remember the basics about what is said to sell a home:
Since you are not sure what the first should be then you need to start with the next two. But keep in mind that ever needed, and in my high opinion, most important factor is what is being do to market the home?
But basically you need to know what the current market is baring for comparable homes in your area - not what is currently for sale alone but also what has "RECENTLY" (3-12 months) sold in your area.
I strongly suggest using a professional to help you determine that and get yourself a Comparative Market Analysis from a REALTOR.
If you want to take that a step further have an appraisal done on the home. Then consider what is on the market in your neighborhood, how long have they been on the market - if they are sitting for long periods time at those prices then more than likely they are overpriced for the condition and location and you must make adjustments for that.
If you do not use a professional to help you determine the estimated price your home should sell for then try to find the "most" recent homes sold prices comparable to yours, look at what is for sale and determine how long they have been for sale and then place your homes price as near the top of the comparables that have sold most recently and at the lowest of those on the market.
Try that for a few weeks if no activity -AND YOUR HOME IS BEING PROPERLY MARKETED DURING THAT TIME- then adjust downward in increments.
But the key to it PRICE, CONDITION AND LOCATION are only good if you have property marketing.
IF NO ONE KNOWS THAT YOU HAVE GREAT PRICE, CONDITION AND LOCATION THEN THOSE THREE THINGS ARE USELESS.
Hope that helps.
Also review the pending sales for your market. This will be an excellent way to gauge current days on the market. Be careful not to price yourself too high. You will know very soon if this is the case. If recent pending comparable's are selling in 10 â€“ 30 days and your home is on the market for 45, it is almost always the price. This does assume your home is on the correct MLS (multiple listing service), has multiple photos and is easy to show. Your agent will get feedback from prospective purchasers who have seen your home and have a good understanding of current values. Overpricing your home in any market is the quickest way to get LESS for your home not MORE
Pricing your home in an appreciating market is just as important as the declining market we all experienced for a number of years. Do your research with your RealtorÂ®, price aggressively (if warranted) and you will hopefully have a quick and rewarding sale of your home!