Most agents merely conduct a Comparative Market Analysis (CMA) and rely only on this information when recommending a list price. While we do heavily use CMA statistics, we also consider market conditions and seasonality in addition to the CMA. As a result, we can decide whether the property should be priced using recent comparable data or at a higher/lower price. The following are factors that our intelligent pricing strategy considers:
What previously sold comparable properties in the same/similar neighborhood sold for? What are the current asking prices for comparable properties that are both active and under contract? This data is used to help us determine a price range for your home.
We first look at your individual market conditions after learning the price range for your house. We calculate your market's absorption rate, the number of months that inventory has been on the market, and the average time it takes to sell a property. According to this data, we can decide whether to price the home on the high or low side of similarly priced sold properties or in line with them.
We consider your location in relation to the selling season. Is the market hot or chilly right now? Is it getting hotter or cooler? We aim to price the property higher than (or above) the sold comparables while the market is hot. During peak season, we tend to use the most recently sold comparables when determining the price of a property. You want to price your property at or below the most recently sold comparables when the market is slowing down.
We can price the home higher (or higher) than the comparables when market circumstances and seasonality are ideal, and you can still anticipate a rapid sale. However, when selling in the off-season or in a less-than-ideal market, we will want to consider your goals & expectations. Are you more concerned with receiving the greatest price or with selling the home as soon as possible? These are frequently conflicting interests, so we must price the property to suit your needs.
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