Determining the best-asking price for a home is one of the most challenging and also important aspects of selling it. In fact, it’s a balancing act.
You don’t want to set a price that's so high that it discourages showings and serious offers from the very qualified, motivated buyers who would ultimately determine your property's top market value. On the other hand, you don’t want to set a price that’s so low that it attracts lots of interest, but sets the stage for offers and negotiations that could result in your getting less than the market would actually support if you were a little more aggressive.
Simply put, your home’s value is not determined by you, but by what the market is willing to pay for it at a given time.
Get a comparative market analysis (CMA) from a REALTOR.
A competitive market analysis (CMA) is a document, drawn from a local Multiple Listing Service (MLS) database, that presents pricing information, property details and photos of homes similar to yours (termed "comparables") that recently sold, failed to sell, or are currently on the market in your area.
This CMA will include the price or price range that the REALTOR thinks you should list at, although the REALTOR might adjust that figure on the spot if it’s the first time he or she has been in your home and had a chance to examine its layout, quality, workmanship, condition, and so on.
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