Setting a strategic asking price
Determining the best asking
price for a home is one of the
most challenging yet important,
aspects of selling it. You’ll find
that it’s a balancing act. You
don’t want to set a price that’s
so high that it discourages
showings and serious offers from
qualified, motivated buyers.
On the other hand, you don’t want to set
a price that’s so low that it attracts lots of
interest, but sets the stage for offers and
negotiations that could result in your getting a price that is anything less than its full
market value. When you make your decision to sell, do plenty of research and seek
out the advice of your Houlihan & O’Malley
real estate agent.
So, what’s your home really worth?
In a perfect world, your home’s value
would be everything you’d wish and need
it to be. However, simply put, your home’s
value is not determined by you, but by
what the market is willing to pay for it at a
given time.
These days, the market increasingly includes homebuyers who have researched
property values online for months and
have already viewed at least ten homes.
In trying to determine your home’s true
market value, you should:
• Try to be impartial. Unfortunately, the
market is not interested in what you originally paid for your home, or how much
you need to sell it for in order to buy your
next home or meet your financial goals
• Keep in mind that your home may have
features that you value highly but are not
of interest to potential buyers
• Temember why you are selling. Do you
want to sell or do you need to sell?
• Do research both online and in person. You can find out a lot about your
local market through websites like homrealestate.com and by going to open
houses in your area and comparing your
home in terms of location, size, features,
and condition
6
133 Parkway Road, Bronxville, NY 10708
Consult with a Houlihan & O’Malley
real estate agent
A comparative market analysis (CMA) is
a document, drawn from a local Multiple
Listings Service (MLS) database, that offers
pricing information, property details, and
photos of homes similar to yours that recently sold (termed “comparables”), failed
to sell or are currently on the market in
your area.
A Houlihan & O’Malley real estate agent will
typically provide you with a CMA as part
of a listing presentation he or she delivers
at your home in hopes of being able to
exclusively represent your