Monday, November 25, 2019 / by Dennis Isip
Spokane homes that sell fast also sell for the most money!
It’s a known fact: the very same reasons that make a home sell fast will make a Spokane home sell for the most money. Homes are best positioned to sell when they’re new on the market.
Here’s a little help for pricing your home…
The first thing you need is valid local market information. Take a look at homes that have sold in your area. Compare the price sold as a percentage of list price. This will help you get a feel for the average discount in the area.
Generally, your list price will be within 2.5 to 5 percent of what you expect the final selling price will be. But be careful!
The amount of discount should be dictated by real world data from your area, not your guess on what you expect offers to come in at. If the selling market is hot in your area, there will be little or no discounting. There may even be bidding wars, and homes selling for more than list price.
On the other hand, if homes are not selling well, you will need to be flexible.
Next, do your homework to determine what your home is worth. You don’t just want to use a competitive market analysis (CMA). Do a total market analysis.
When you narrow down your area, you need to correct values for distressed sales, divorces, remodeled homes, and other events that affect the value of other homes that have sold.
Each factor (distressed sale, condition, location, etc.) will add to or detract from the value of your home. And in most cases, the only person who can really give you this information is a great agent – someone who has extensive experience valuing homes.
In the end… the MARKET is the only determinant of the VALUE of your home.
There’s an old saying in real estate: “Sellers are NOT the deciders of what their home is worth, but they ARE the deciders of how quickly their home will sell.”
In addition, ask your listing agent this question: what is the average days on market (DOM) for comparable homes sold in your neighborhood.
The real value of your home is what a willing buyer will pay for it, and what you will accept. Nothing more. Nothing less.