How Sellers Price Their Homes the Right Way

January 26, 2023

Are you thinking about selling in today’s market? Believe it or not, now is still a great time to sell your home in the Massapequa area. This article discusses our top tips for how you can price your home the right way when it comes time to sell.


  1. Conduct a comparative market analysis (CMA)


A comparative market analysis (CMA) is a detailed report prepared by real estate professionals that shows a home’s current value and criteria for assessing it. The main idea behind a comparative market analysis is that your home will likely sell in the same price range as other homes in your area with similar features. 


Before you learn how to conduct a comparative market analysis, you should have a good understanding of your local market and current housing trends so you can accurately assess the fair market value of your home. If you aren’t confident in your abilities to conduct a thorough CMA, hiring an appraiser to appraise your property with a complete comparative market analysis is a safe bet to finding how to price your home the right way.


  1. Consider the home’s condition and any renovations or updates when pricing


Renovating areas in your home like your kitchen and bathrooms can add value to your home that a comparative market analysis may fail to recognize. However, it can be hard to put a number on the renovations and upgrades you’ve made over the years if they are over the top or custom.


That’s why we recommend driving around to recently sold properties in your area, assessing their conditions and visible upgrades, and basing your pricing on the data you gather. 


Can you see that a pool was newly installed? Or maybe the homeowners chose new stonework for the front of their home. Using these features can help you determine a fair price for your home when it comes time to sell.


  1. Online home valuation tools


Online home valuation tools can be tricky when trying to price your home. The best way to know the value of your home is through your real estate agent that can show you the homes on the market, the closed homes and under contract and compare those to your own home


The online tools typically don’t take into account recently completed upgrades or renovations as well as any exterior improvements made by the homeowner. You may want to use online home valuation tools, but don’t rely on them alone to price your home.


  1. Consult with a trusted real estate agent


Your best bet when pricing your home is to work with a trusted real estate agent in your area. Real estate agents have a fiduciary duty to act in your best interest throughout the entire selling process, and they use their experience to price your home so it sells as fast as possible. Real estate agents also have access to tools and resources that are exclusive to agents, which is why finding an agent in your area is so important.


Are you ready to sell?


It’s still a great time to sell in today’s market. Contact the Kim Holland Homes Team to connect with a real estate agent in the Massapequa area who knows how to get the most for your home.