Why Are You Selling?
There are lots of reasons why people sell their homes, but whatever the reason, a primary consideration should be to find out how much your home will sell for. Without that knowledge, accurate planning will be difficult. With a fairly accurate assessment and knowledge of the total expenses, tax considerations, and time frames involved, you can confidently move forward.
Get Familiar With the Market*
Sellers need to understand the current real estate market, because housing is a commodity, the value of real estate properties fluctuate according to many factors including supply/demand, interest rates, and
the general economy. Remember, "Your home is worth only what a qualified buyer is willing to pay at the time it is put up for sale". A professional real estate agent will inform you about what similar homes are selling for in your area at the present time.
Learn What Your Property is Worth*
Sellers would benefit from a professionally prepared comparative market analysis (CMA) which allows them to see what similar properties, in the same market, have recently sold for. Your REALTOR® will be able to help you with this process and may provide you with a CMA.
For example, if you live in a ranch-style home, make sure your CMA tracks the price of other, similar ranch-style homes. If you live in a rural community, make sure your property is compared to properties that also have been sold in a rural community.
While it may seem logical to compare the asking price of others who are selling their homes, it is the closing price - the price actually paid to the seller - that ultimately determines relative worth in the real estate market.
* From the MA Association of Realtors Website
Remember - Be Realistic
A good realtor will provide the seller with as accurate "Opinion of Value" as possible based on all factors involved plus his or her experience and sense of the present market. An estimate of the most realistic price range within which your home should sell is what the realtor is striving for. The seller can accept or reject the realtors advise and get other opinions, but please remember, sellers too often think their home is worth more than it is. An overpriced home may take a long time to sell (click to read this very informative article about Falmouth values).
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