An appropriate listing price is crucial when selling your home in Orange County. It should reflect realistic conditions in the market today in order to sell quickly. You don’t want it to be under-priced, but over-pricing could prove to be much worse, no matter what the current market is doing.
An additional consideration that could cause potential buyers to discount the offer price for your property is the number of days on the market (DOM). The longer your home is up for sale, the more they could discount it. That’s another reason why it is so important to set a list price that is totally realistic, so that it doesn’t spend an inordinate amount of time on the market.
Finding a Competitive List Price
I utilize a combination of my years of experience, as well as the CMA, DOM and other statistics to arrive at the average home prices in Orange County and a competitive list price for your specific home. I take special care in performing detailed market valuations to ensure that there’s no money left on the table at the end of negotiations. By the same token, I also don’t want you to have to be hanging around and questioning the lack of offers on your property either.
Evaluating Your Home
Evaluation of your home and other home prices in Orange County is just the first step. The next could include some suggestions regarding ways that you could improve your home’s position on the market. Once we have determined the overall look of your home when we list it, we’ll thoroughly go over the CMA process, which involves several parts.
Sold Properties’ CMA
The first step here is selecting comparable properties (comps) in and around your neighborhood that were recently sold. We will select those comps based upon similar characteristics, location and other features. For the prices that the other properties sold at to be of max value to us, the key word here is “recently”.
The adjustment process comes next and that means that I will adjust the selling prices of the other similar homes to account for any difference between your property and theirs. For example, when a sold home has another bedroom, the price would have to be adjusted downwards by the value of a bedroom for comparison purposes. This way, we are truly comparing apples-to-apples. If your home has more bedrooms, then we would adjust the price upwards accordingly. Other features that could result in an adjustment could include number of bathrooms, size of a garage and other home specifics. This adjustment process will help in bringing the comps more closely into comparison to your home and I can use the new pricing for determining a listing price for your home along with the following CMA, which is used as an added step in arriving at the best listing price for the current market.
Current Listings’ CMA
This final step in determining the optimum listing price for your property involves the comps related to your competition. I will perform the exact adjustment process using currently listed properties in your area to come up with a price point for your home that could be higher or lower. This will provide market information that is more current, and help us with adjusting our initial list price to suit the current market conditions. Using all of these results, along with my expert analysis of your home and its marketplace position, will result in setting a proper listing price that can lead to the successful sale of your home.