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Selling Your Home Pricing Your Home (CMA) Pricing is, without a doubt, one of the most valuable services that a Realtor provides. It is essential that your home is priced correctly from the start, so that it attracts the right buyers. The market ultimately determines what your home is worth, and it is the Realtor's job to communicate that value to you. There are three types of markets: a buyer's market, a seller's market and a balanced market. In a Buyer's market, the supply of homes exceeds the demand, resulting in a situation where the buyer holds most of the power in the purchase. The seller is in competition with other sellers to try to win over the limited number of buyers. This type of market may push the price of a home down slightly. In a Seller's market, the opposite is true. The demand for homes exceeds the supply. In this case, it is the buyer competing with other buyers for the limited number of homes for sale. In this case, the seller may be able to charge more for their home, because they hold more of the control in the purchase. Finally, a balanced market occurs when both the buyer and the seller hold a relatively equal amount of the control. The supply of houses is enough to satisfy the number of home buyers, and there are enough buyers to purchase all of the homes for sale. It is the Realtor's job to analyzing the current market conditions, and then price your home accordingly by doing a Comparative Market Analysis (CMA). To do this, they search through current listings, recent sales, and planned new construction, to find the homes that most closely compare to your own home. By looking at every detail, from the type of flooring to the landscaping in the yard, a Realtor then determines an appropriate price range for your home. |
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