There is less guesswork than you might think about
establishing an on-target Charleston real estate listing price. There is really
very little mystery:
Comps and
CMAs
When you hear your Realtor™
refer to ‘the comps,’ you probably think of them as the printouts of the Charleston
area real estate listings which are comparable to your own property. More
comprehensively, a CMA, or Comparative Market Analysis, also includes a broad
look at pending and completed sales, as well as withdrawn listings. That
analysis will also include and account for differentiating factors, such as
upgrades you have made to the home, location, and other features that make your
home unique.
Market
Conditions
Market conditions will also play a strong role in
developing a real estate listing price that’s likely to attract serious buyers.
If conditions indicate a seller’s market, it means that there aren’t many homes
available for sale. Contrarily, if it is a buyer’s market, recent trends show
that numerous homes are available for sale, but buyers are in short supply.
Other factors can come into play. If an area has become economically depressed,
for instance, pricing a home on the higher end of the standard is more likely
to result in a higher DOM (days on market).
Appraisals
Getting an appraisal is helpful in nailing down an
acceptable real estate listing price. The extra expense provides a highly
educated estimate for what today’s market will bear (and also valuable preparation
for you are likely to hear when you enter into serious negotiations). It’s also
important to remember that the bank’s loan approval will hinge on whether or
not the selling price is in excess of the appraised value of the home.
One of the major benefits of working with a Charleston Realtor™ when developing the
real estate listing price for your home is the degree of expertise we bring to
the process of setting an advantageous listing price. My own years of
experience and knowledge of the Charleston, SC market is invaluable when it
comes to setting a fair price that spurs buyers to act quickly. Looking to sell? Contact me today!
Interested in selling your
Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston
area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook Real Estate
Charleston, SC
No comments:
Post a Comment