Real estate agents will work with you to determine a listing price when you decide to put your home on the market, it helps to understand the process agents use to reach that figure. Although methods vary, there are a few common steps.
The agent will prepare a CMA(Comparative Market ANalysis), whichcompares your home to similoar homes in your area that recently sold, homes that are currrently on the market, and homes that didn't sell. They will formulate a base price from data and factor in additional positives or negatives( for instances, if your home has a deck or a finished garage, the base price -your home's initial value would rise.
Then they consider the market conditions. In a buyer's market, your price might need to be a little lower than the base CMA price in order to reduce its time on the market and have a higher probability of selling. In a seller's market, the listing price can be a little higher.
A good agent will be able to walk you through the number and explain the strategy behind settling on a give listing price.
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