Although, a quality, professional, real estate agent, will help, his client, determine creating the most appropriate, listing price, it must be remembered, and understood, the final decision, is that, of the homeowner, selling his home. Since, for most, the financial value of their house, is one of his, largest, personal assets, an essential skill, of the agent, is, creating, a level of trust, and a personal connection, between homeowner, and his representative! Doing this, makes it, most possible, to creating, trust, and a bond, where a thorough, comprehensive discussion, becomes possible, etc! With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 key, strategic considerations, when it comes to determining the most – appropriate, initial listing price, etc.
1. Competitive Market Analysis (CMA): The best, and only, logical, practical, realistic, and well – considered, way, to determine, a suggested price, is preparing, a thorough, Competitive Market Analysis (CMA). This should consider, houses, with similar features, in the same, general area/ region, and measure/ evaluate, factors, such as: Time on Market; the relationship of the initial listing price, and selling one; significant advantages and disadvantages; positives and negatives, related to specific, local area, etc. Professionals, should suggest, a range, based on this process, and help, suggest, to the owner, the advantages, and disadvantages, while, answering questions, and addressing specific concerns.
2. Strategy/ marketing plan: There are a variety of possible strategies, and, the finest marketing plan, must be based on meaningful, teamwork, between agent, and homeowner! From the onset, a thorough discussion, of the possibilities, and which, marketing plan, makes the most sense, is a valuable step!
3. Sellers objectives/ priorities: Real estate professionals realize, they must, carefully, effectively, listen, and learn, his seller’s/ client’s personal objectives, and personal priorities/ goals, etc! Pricing must be based on the seller’s tolerance, patience, and personal comfort zone, and conform to the realities, of the current, market conditions!
4. Local market/ type and conditions: Know, understand, and determine, the existing, real estate, local market, including the nuances, in terms of the conditions, and types, including factors, based on supply, and demand, etc.
5. Time considerations: Whether, the seller, has the patience, ability, and mind – set, to wait, as opposed, to, if there are pressing, financial/ personal economic factors and considerations, often, determine, pricing strategy. While, someone, who is ready, willing, and able, to, patiently, wait, can price the house, on the higher – end, of the range, others, who, time matters, must price it right, from the start!
When, you are ready to sell your home, carefully, interview potential real estate professionals, before hiring an individual! Thoroughly, discuss, many relevant factors, and ensure, you are on the same – page, from the onset!