You recently read here about formulating your listing price based on the information included in a Comparative Market Analysis (CMA). You can fine-tune your price by applying current market trends. Trends may vary by region, state, city and even neighborhood, so do your homework.
You and your agent can study a lot of available statistics — the CMA, local sold listings’ days on market, and list to sale price ratios. The CMA compares similar properties, while the Days On Market figure gives you an idea of whether you’re looking at a seller’s market or a buyer’s market in which you’ll have more competition and less negotiating power. If possible, look at the Days On Market figures for your neighborhood which are area specific.
Let’s move on the average List Price to Sales Price Ratio. Like it sounds, it’s simply a percentage based on how closely the final sales price corresponds to the price at which the home was listed. A house that sells for the asking price has a list price to sales price ratio of 100 percent. So a house that lists for $175,000, but sells for $160,000 has a list price to sales price ratio of 91 percent.
Look at the homes that most closely match your home and you’ll have a good idea of where to price your home.
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.