Selling Your Home in Rehoboth Beach – How a Real Estate Agent Helps Determine Your List Price
As a Delaware real estate agent, one of the most important services I perform is helping to determine the price of your home. It can be a tricky task.
Your home is part of your being. It encompasses so many memories, and as your real estate agent, I have to look at your home objectively to work with you in determining the right market value – the amount for which your home can be sold on the current market.
If it’s priced too high, it can sit on the market, and the longer it’s on the market, the more buyer interest will wane. If it’s priced too low, you won’t feel like you got the value you deserved.
We want to determine an asking price that allows your house to sell within your desired timeframe while netting you a satisfying value.
It’s important to note that a market price estimate is not an appraisal (those are performed by licensed appraisers). It is an opinion on the value of your home based on what’s happening in your real estate market.
Creating Your Market Analysis
Often called a Comparative Market Analysis (CMA), a Market Analysis is one of the most important presentations I will create for you as your Delaware real estate agent. Here’s an overview of what goes into making your report.
After I tour your home and perform tasks like taking measurements and assessing your lot size, location and curb appeal, I will search for comparable properties to your current home. Ideally, I’m searching for homes that have sold recently – within three to six months ideally but up to a year if needed.
I’ll then compare everything from square footage and the number of bedrooms and baths, to extras like fireplaces, to the landscaping of your lot and the how much street traffic there is.
I’ll research all comparable properties to learn more, and highlight the three or four comparables that are most similar to your home. I will then adjust the sales price of the comparable properties – increasing their prices if your home (the subject home) has something they don’t, like a fourth bedroom, and lowering their prices if they have something you do not.
This will give us an initial suggested price range for your home, but there are still many other factors to consider.
The Market as a Whole
In a hot market, properties are selling fast, As the seller, you have the upper hand. In a cold market, homes sit awhile. Buyers now have the power.
Neutral markets are balanced. Power is equal with no volatile swings in the overall market. To sell your home in your desired time frame, the current market condition must be considered.
I also look at homes that didn’t sell and figure out why. I’ll examine their initial listings and if there were price drops.
I’ll research if anything went wrong, such as a home inspection uncovering structural issues. I’ll do everything I can to get to the bottom of why that property in your neighborhood didn’t sell, and use that as a factor in determining a recommended list price.
We need to take into account what buyers are looking for. Is there a certain architectural style that’s in high demand? Does everyone want an attached garage? Do you have any outdoor space?
Granite countertops were all the rage for nearly 20 years. Now quartz reigns, to the point where some companies with “granite” in their name are struggling. The more your home appeals to the current market, the more value it holds.
All homes experience wear and tear. We need to be honest about your home and if there are any conditions that will affect its value. Major issues will have to be pointed out in the Delaware Seller's Disclosure of Real Property Condition Report. However, many times, minor repairs or touch-ups can go a long way in sprucing up your home.
A fresh coat of paint is relatively easy to apply to a dingy wall. So is changing out a light fixture that’s seen better days. However, when looking at these cosmetic changes, it’s important to again keep in mind buyer appeal. You're making these changes to increase your home's value, not please your personal tastes.
Whatever we feel your house can use to reach its top market value, we can perform a cost analysis to see what makes sense to repair or fix.
Last but not least, we will have a candid conversation about your needs. Are you looking for a fast sell? If so, we may want to lower the asking price. Or perhaps there’s a certain amount of profit you wish to clear on your home sale? We’ll see what we can do to help you to hit your goal.
As your Delaware real estate agent, I’m always looking out for your best interests. But remember, you are the client, and you have final say. I will never act without your approval.
Want to Learn More about a Market Analysis and Selling your Home?
By all means, give me a call. I’d be happy to talk with you further about how I can assist you in selling your home.
The Nitan Soni Group