It is essential to list your home at the right price and it is important to get it right the first time.
The pricing of a house is the #1 component in ensuring that your home sells quickly. Even with Realtors, many sellers make the mistake of mis-pricing their home…the unfortunate result is they end up “chasing the market”. In the end, they sell for less then what they would have had the home been priced correctly from the beginning.
There are several ways to determine the market value of your home, including an Automated Valuation Model, Comparable Market Analysis and Appraisal. At Thrive, we use a combination of powerful software designed to calculate all the mathematical factors that determine home pricing along with our knowledge and expertise of what sells and why. The result is accuracy that gives our sellers the ability to sell in minimum time and with maximum value.
Automated Valuation Tools
An Automated Valuation Tool is an electronic appraiser that provides a Homes Sales Valuation Report by entering your property address. An example of this would be Zillow or Trulia. Although these types of systems can be helpful to get an overview of pricing, they should never be used to actually determine the final price.
An Appraisal is completed by a professional appraiser specifically for your home and usually costs between $300 and $500. The appraiser will determine the value of your home based on its condition, location and a Comparable Market Analysis of sold properties in your area.
Appraisals are usually very numerically oriented and therefore do not take into account the “feel” or the “appeal” of a home. However, an appraisal along with a CMA can be a powerful combination. The appraisal can be shared with potential buyers to increase their confidence in buying the home.
Comparative Market Analysis
A Comparable Market Analysis is generated by your Thrive Realtor by comparing prices of similar properties in your area that have recently sold, are currently on-the-market or were taken off the market unsold.
In addition, Thrive Realtors also take into account the Absorption Rate of the neighborhood to determine the best price position for your home. Scroll to the bottom of the page for more information on Absorption Rates. To request a CMA for your home (no cost, no obligation, no pressure) click here.
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