Finding The Right Price For Your Home.
The most important factor to consider when selling a house is pricing the house correctly. Many sellers sometimes think they should list higher because buyers will come in with low offers. In 2015, homes that sold in Carson City sold within 3% or less of the asking price. The first 3 weeks a home is listed is critical. After about 3 weeks, demand and interest decline. Pricing is all about supply and demand. So how do we assist you with pricing your home? We will research all available data through the Northern Nevada Regional MLS as well as County data.
Pull Comparable Listings and Sales: Look at every similar home that was or is listed in the same neighborhood over the past six months. The list should contain homes within a 1/4 mile to a 1/2 mile and no further, unless there are only a handful of comps in the general vicinity or the property is rural. Compare similar square footage, within 10% up or down from the subject property, if possible. Similar ages too.
Sold Comps: Pull history for expired and withdrawn listings to determine whether any were taken off the market and relisted. If so, add those days on market to these listing time periods to arrive at an actual number of days on market. Compare original list price to final sales price to determine price reductions. Adjust pricing for lot size variances, configuration and amenities/upgrades.
Pending Sales: Since these are pending sales, the sales prices are unknown until the transactions close, but if there is a listing that is pending and very comparable to yours, an agent would most likely call to see if they received close to their asking price. Make note of the days on market, which may have a direct bearing on how long it will take before you see an offer. Examine the history of these listings to determine price reductions.
Active Listings: These matter only as they compare to your listing, we’re checking out the competition. These homes are your competition. Ask yourself why a buyer would prefer your home over any of these and adjust your price accordingly.
Market Dependent Pricing: Pricing will also depend on market conditions; is it a buyer’s market? A seller’s market? Or balanced? In a buyer’s market you may need to be priced more aggressively than the competition because there might be many homes for you buyer to choose from. In a seller’s market, you may want to list a small percentage higher than the sold comps because the market is climbing. In a balanced or neutral market, you may want to initially set your price at the last comparable sale and then adjust for the market trend.