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How Does a Home Seller Determine the Property Listing Price for Their Real Estate?

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When setting the price for a property, the seller needs to consider not only the current real estate market conditions, but also the current financial environment within that market. Knowing the comparable list price of properties, what other sellers are offering in regard to terms, and any incentives that others may be offering is paramount to your proper price listing. Do not price your offering much higher than what is considered the norm, but be sure you are not asking to little, both of these strategies are flawed and will raise eyebrows with prospective buyers.

What Warrants Your Attention Prior to Setting the List Price Is a Question You Need to Ask Yourself

Only you can determine what price you must get, and within what time frame. A real estate agent can only tell you what they think a buyer will pay. By continually analyzing your local market and revaluating your offer, you will stay ahead of the game. Unless you are forced to sell, due to extenuating circumstances that would have previously not forced your hand, do not make an offer and say it is the asking price. This type of tactic only tends to force the price down, never up. Prospective buyers will only think that you are not expecting to get that price. 

Knowing How to Use a Comparable Sales Analysis to Your Advantage Will Bring You the Best Price for Your Property

As part of your agreement with a listing agent they will be doing a CMA (Comparative Sales Analysis), this is not the same as an appraisal. An appraisal is prepared by a certified appraiser, not a listing agent, and it will only incorporate recent selling prices for similar homes in your area, and you will undoubtedly have to pay a few hundred dollars for it. A good CMA also takes into consideration the prices of homes that have not sold and also the ones that are currently pending sale.

If you feel that your home is above par or unique in some way, you can list it for a higher price, but you will need to be able to justify this asking price to prospective buyers. A detailed appraisal can come in handy and help to facilitate the sale of such a property. Appraisals are also good to have if there have not been a lot of comparable sales in your neighborhood, or if you and a partner (or the agent) cannot agree upon the price to list. Ultimately you set the price, not the agent, so be as informed as you can, remain as unemotional as possible about the sale and above all else, be realistic.

How Long Comparable Properties Were on the Market Before They Sold Is as Important to Know as the Final Selling Price

Just knowing what a house sold for is in no way an indicator of all the market forces at work. You will need to know what the current supply and demands are. So when you are accumulating data on sales for a CMA, be sure that the DOM (Days On The Market), for each property is also included in the report. If it is a sellers market, you will be able to price your offer a bit higher than if the market is flat and homes are not selling. If the market does appear to be flat after you list your home, and you start to wonder if you have priced yourself out of the market, rely on some good sense and do not get emotional about it. If the home is not attracting serious buyers, and you have already prepared a schedule to be used for the reduction of price, you will be able to protect yourself from the emotional tendency to reduce the price too soon or by too much.

What Type of Incentives Are Offered to Buyers Will Also Affect the Time Frame of a Sale

 If the current market is slow, your property is not up to par with the others in the neighborhood, or you need to sell quickly, cash incentives will also get the attention of buyers and offer encouragement. First time home buyers seem to always be looking for more than just a good price, they may need help with other costs related to their ability to secure a good mortgage. Lenders often require points to be paid (for better interest rates or terms) along with the costs and fees associated with the closing. By offering to pay these costs, or share them as part of an incentive, you can close a deal faster. Like wise, an agent who knows that there are incentives in place will work harder to sell your property. Such an incentive would be a bonus that is subsequent to the commission, and contingent on the agent finding a buyer within a specified time period. If such an incentive is offered make certain that is a part of your original written agreement with the agent who has the listing.

Everyone Wants to Know What to Expect In Net Proceeds from a Sale

It is only natural and prudent to want to know how much money will remain after a property is sold, the old mortgage is satisfied, the agents and lenders have been paid and the title has been transferred to the new owner. If you are going to be buying another property after the sale of the current one, then having this is invaluable information to have.

How to determine the net proceeds from a sale is quite simple and involves some very basic math. Simply deduct from the asking price, the payout costs of the current mortgage, the costs of all surveys and inspections that you will be responsible for, the closing costs you will agree to, all commissions and bonuses and, of course, the taxes and government fees. Discuss with your agent which other costs you may be inclined to absorb, if asked to do so during a negotiation with a prospect. These include, but are not restricted to the following: Title insurance, Transfer Taxes, Environmental Reports and Home Inspections.

One of the most important aspects of setting your home’s listing price, sticking to it and realizing as much as you can from the sale of your property, is to not get emotional about it. Set goals and a schedule, and be realistic.

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