Price your home right -inside tips for serious sellers

Here are the factors we'll consider to arrive at the right listing price for your home:
1. Recent sales. In the fast changing market, using sales within the very recent past is imperative. What a property sold for last year-even six month ago- is just old news.

2. True comparables. We compare your property with similar, nearby properties called comparables, or comps.
Using true comps is key to setting the right price. We'll compare apples to apples looking at homes that are alike in terms of amenities and condition and also considering whether the comp is a distressed sale.

3. Expired. We'll also check prices of 'exprired' (properties whose listing contract ran out without a sale) and 'withdrawn from market' comparable properties. These properties may have been overpriced and the market indicated the listing price was higher than buyers are willing to pay.

4. Pending sales. When price information is available, we may use pending sales (properties under contract but not yet settled or closed), because these properties offer a trend indicator about what price active sellers and buyers are agreeing, right now, is the right price.

5. Active listings. Only closed sales truly reflect what buyers in today's market will pay. What other sellers are asking has little relation to the value of your property. Using other listings as a guide, however, is a smart way to position your property to beat the competition to the right price and great terms.

6. Appraisal. Although a seller-paid appraisal is often unnecessary, it can be an effective strategy in a situation where the seller wants to list as 'being sold under appraisal' to position a property as distinct from the competition in the area, especially where many similar properties are already for sale.

7. Online valuation. Home valuation websites that provide instant price estimates tend to be an unreliable guide to the right price. At best, these valuations give a ballpark one-size-fits-all estimate. As your area specialists, we know what your property is really worth in today's market.

8. New price. If your home has been on the market for two to four weeks, but has gotten to no traffic- or if there has been traffic, but no offers-this indicates the market believes your home is overpriced. What's more, since it was listed, other homes may have come on the market with better positioned prices. Buttom line: Time for a new price.

If you have any questions about setting the right price, call Tatyana!