Setting the price
Understanding how to properly set a list price for your home requires a complete understanding of trends in the marketplace, specific buyer considerations and a comprehensive view of the pricing factors related to your personal home. Rather than setting a price based upon estimates and hoping for buyer alignment, the professionals at Prime Source can ensure a scientific valuation and pricing assessment based upon market conditions, regional sales of comparable homes, trends within your specific neighborhood and market, as well as the proper buyer incentives and a well-organized sales process to encourage offers. Since the closing price of any home comes through an alignment of interest from buyers and sellers, finding the right balance in setting your expectation price can substantially improve the timing and effectiveness of the closing process.
Understanding how to properly set the price of your real estate listing
While there is no single rule for effectively setting the price of a home or property, it’s important to understand the sales process from the perspective of a potential buyer. Rather than setting your pricing expectations independent of the market, you want to find a balance between setting the pricing too high to drive away buyers and accepting too little for the property. Understanding the proper pricing for a property requires understanding the data from comparable local sales as well as accurate pricing models for the property – asking too much and too little can prevent you from getting what you deserve out of the listing within the context of your goals. As a result, setting a proper pricing structure can help you get a fair, timely sale on the property to better meet your goals.
At PrimeSource Real Estate, we can help you to craft a competitive market analysis, or CMA, that can provide you with a data-driven insight into how to effectively price your home on the marketplace. Understanding comparable local sales prices, market conditions and data on local sales can help you to get a more formalized structure on the sales process. A structured appraisal should be based upon the condition, age and location of your home, as well as larger market trends that lend insights into where the valuation of your property should be. Many appraisals are based solely upon a formula calculated based upon square footage and pricing trends, but we can help you analyze the property in the context of a more structured analysis that helps you to understand the core value of your property within the marketplace. Rather than solely relying upon either informal analysis or scientific data, it’s best to combine the two for an informed valuation to help you understand local market conditions. A narrative report includes commentary, insights and analysis so you can properly price your home in the context of the local market.
With shifts in local real estate conditions, taking into account trends and market sentiment is an important part of understanding how to effectively price a home. We can provide insight into local sales patterns including the average DOM (days on the market) for homes in your area based upon asking and closing price so you can understand what type of buyer’s market to expect. Depending on your location, price expectations and timing considerations, you can learn how to structure proper incentives and pricing models in order to attract the right buyers. Ideally pricing your home based upon analysis can get you closer to negotiations with a buyer who matches your expectations in terms of closing price and process. There are a variety of steps in the process of closing on a new property including regulatory and legal aspects necessary to transfer ownership, and understanding these guidelines can help you more effectively structure the sales contract in your best interest. Knowing which incentives and how to present your home can help you to close a sale within the parameters you need and expect from the property, taking into account the full process including fees, negotiation and closing procedures including inspections and contracts.
Property Evaluation
Many home owners struggle with setting effective pricing on their lots given the shifting nature of today’s real estate market. The professionals at Prime Source focus on effective ways to properly price your property to get fair market value on the lot. While pricing a property is part art and part science, we can provide quantitative data analysis of recent market sales, larger regional and local real estate trends, along with shifting trends in buyer sentiment to help you properly bring your home to market. Our analysts look at a wide variety of factors to help determine an accurate valuation of your property given a wide variety of factors. The price point at which you bring your home to market will impact its initial impression on buyers, ensuring there is a shorter and more precise time to come to market.
We recognize the importance of keeping the valuation process confidential, and can work in partnership to help you properly price, present and bring your home to market. Providing insight into proper market valuations can give you a better sense of the opportunities within the marketplace so you can come up with the right strategy to upgrade your home in advance of offering it to the public markets. We look at a wide variety of factors to evaluate your property and help you identify the most effective way to go to market:
Location factors in real estate valuation
One of the single most important factors in evaluating property is the location of your home. In addition to the physical lot itself, the address, city, neighborhood and surrounding community play a large role in helping us to evaluate your property. At a base level we look at the following location based factors:
Address of Property:
City & State:
Zip Code:
Buyers are increasingly looking for homes that are linked to well performing school districts, solid communities and high qualities of life. Reaching young families, young professionals and established households requires presenting your property in the context of the larger community. Therefore, we fully evaluate the location of the property in the context of the Central Florida environment to determine local growth, as well as social and business opportunities for new buyers.
Size and condition factors in valuation
The nature of the property itself plays a core role in determining property valuations and evaluations. Therefore, we fully evaluate the type of property, the condition of the real estate, the number of beds, baths and features in addition to the age of the property, additional features as well as any upgrades you have made to the home. We can also help you evaluate which repairs or upgrades you may want to make in order to increase the value on the market so you can get a better return on your real estate investment:
Property Type:
Condition
Bedrooms:
Bathrooms
Additional Rooms/Features:
Approx. Size:
Approx. Age of Kitchen:
Approx. Age of Baths:
Market trends and buyer options in real estate
Another important factor we analyze in helping to determine valuation of your property are larger real estate market trends, as well as shifts in the regional and local property markets. As the regional Orlando and Central Florida markets have rebounded this year, there is a silver lining for those looking to bring their property to market. Therefore, we pay close attention to timing as well as larger trends in the market that may impact the ability of new buyers to finance their purchase. Our advisory provides you with insights into larger market trends which can add up to better insights into effective market pricing.
ShareThis