SELLING A HOME

When you're thinking of selling your home, it's natural to feel a range of emotions. You might be excited about moving into a new home or feeling uncertain about a major cross-country move. You could be hesitant to leave behind memories or eager to begin a fresh new chapter. No matter what you're feeling, remember that Petra Thurner is here to assist you with any of your needs. Call or email today for support!

SETTING THE LISTING PRICE

When setting the list price for your home, it's essential to consider the buyer's perspective and the homes in your community and what they are actually selling for.  Buyers often browse homes in your area, whether through a printed list we provide or online search results. They will decide which homes to view based on their impression of pricing.   During the escrow process and appraisial will be ordered and other homes in the community actual sales price will have a profound effect on the value of your home.  In order the buyer to obtain financing, the appraised value must meet the purchase contract price and if it does not meet value, then the buyer must bring in additional funds.  Your buyers' loan will be based upon the purchase price or the appraised value, whichever is lower.  Here are a few pricing tips to keep in mind:

• Setting the price too high may prevent potential buyers from even viewing your home, even if it’s superior to other options. You might say, “I’ll consider any offer,” but if your home appears overpriced, it simply won’t make the cut.

• Pricing too low can result in missing out on a better deal. Yes, your home may sell quickly, but you might not reach the buyer who would have offered more.

Tip: Avoid using the term "asking" price, as it can suggest you're expecting to negotiate down.

To determine the optimal list price, contact Petra for these professional services:

• Providing comparable sales data.
• Analyzing current market trends.
• Offering advice on buyer incentives.
• Estimating your net proceeds.

USING COMPARABLE SALES

No matter how appealing your home may be, buyers will compare its price with other homes on the market. The most reliable guide is recent sales data from properties like yours in your neighborhood.

Petra can provide you with comparable sales ("comps") and analyze them to suggest a listing price. While Petra will provide data and recommendations, the final decision is always yours. The list of comparable sales, combined with information on current listings in your neighborhood, will be used to create a Comparative Market Analysis (CMA). The CMA will also include information about homes in the area that didn’t sell, including their listing prices.

It’s important to understand how a CMA differs from a formal appraisal. An appraisal focuses solely on past sales and is typically performed for a fee, while a CMA is complimentary and can include homes currently for sale or under contract.

In most cases, a CMA provides enough information to set an appropriate price. However, a formal appraisal (which may cost several hundred dollars) might be helpful if you own a unique property, there has been little activity in your area, or if co-owners disagree on the value of the home.