Setting a List Price, pt. 1

Make sure that you take your time when deciding on the original listing price for your home. This is a step in the home selling process that you do not want to rush. You cannot pick an arbitrary number, but must work with your real estate agent to come up with a price that reflects the value of your property and is in line with the current real estate market.

Things that factor into a home's listing price:

CMA (Comparable Market Analysis)-This is a comparison of the selling prices tha properties that are similar in the same area. Notice this is a comparison of nearby house prices after they have been sold. This is not to say that you cannot look at current list prices, but the list prices do not reflect the actual selling prices.

Location-As you know, more desirable locations can command higher prices.

Condition-A home that is barely lived in will see at a higher price point that a fixer upper or even a house that is in decent condition, but has seen dome wear and tear.

Amenities- A house's amenities, those that are original to the house and those that have been added by owners over the years, can make a big difference when it comes to setting price. A jacuzzi tub or mudroom can put your house into a different price bracket.