Most Realtors® will tell you that the key to selling your home quickly is listing it at the right price. All you need to do, then, is find that price.
Your Realtor will be able to give you a CMA that helps you determine how much your home is really worth, but you have to remember that overpricing and underpricing are equally bad.
Overpricing Your Home
A home that’s listed too high will sit on the market—sometimes for months—and the sellers will either be forced to lower the price (in some cases listing it for less than what it’s worth) or will pull it off the market in frustration.
Underpricing Your Home
Selling too low is an obvious mistake; you could have made a better deal, but you shortchanged yourself. Unfortunately, homes that sit on the market for several months end up selling for 10 percent or more below value when sellers are forced to make price reductions.
Pricing Your Home Just Right
Your Realtor will probably advise you to leave a little wiggle room in your home’s price. When you’re setting the price, think like buyers and consider the CMA very carefully. A CMA shows you what homes similar to yours, with similar features in similar locations, are selling for in your area; that is an invaluable asset when you’re trying to figure out how to price your home.
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How Much is Your Home Really Worth