Pricing your listing is one of the most important parts of the process as it determines not only how much money a seller walks away with but the amount of time your listing sits on the market. Price a home too high and your listing may not be seen be potential buyers. Price it too low and you are leaving money on the table.
When we work with sellers to list their home, we take 3 unique approaches to pricing. We use our market experience and data to bring the facts to the table. Our agents also look at market activity and individual seller’s needs to suggest the right price on a property.
1. Market Based Analytics
Understanding the stats of the market is an important part of pricing your home. Look at Boston at large as well as neighborhood specific information to see typical Days on Market and Selling Prices for the area. We have a monthly market report that has all of this information as a great starting point!
2. Traditional CMA
A CMA looks at recently sold properties that are similar to your listing. It takes into account quantifiable aspects such as square footage, number of bedrooms and bathrooms, etc. Your agent will prepare a CMA for you for free and go over the details to help you price your home.
3. “Gut” Price
Numbers aside, there is a certain element of “gut” pricing that goes into listing any home. This comes from experience and the subtle differences of the property compared to others. This is the reason it is important to have an experienced agent on your side that understands the market and how buyers may react to your listing.