Thursday, January 16, 2014 / by Fra Jamir
There is less guesswork than you might think about establishing an on-target Charleston real estate listing price. There is really very little mystery:
Comps and CMAs
When you hear your Realtor™ refer to ‘the comps,’ you probably think of them as the printouts of the Charleston area real estate listings which are comparable to your own property. More comprehensively, a CMA, or Comparative Market Analysis, also includes a broad look at pending and completed sales, as well as withdrawn listings. That analysis will also include and account for differentiating factors, such as upgrades you have made to the home, location, and other features that make your home unique.
Market conditions will also play a strong role in developing a real estate listing price that’s likely to attract serious buyers. If conditions indicate a seller’s market, it means that there aren’t many homes available for sale. Contrarily, if it is a buyer’s market, recent trends show that numerous homes are available for sale, but buyers are in short supply. Other factors can come into play. If an area has become economically depressed, for instance, pricing a home on the higher end of the standard is more likely to result in a higher DOM (days on market).
Getting an appraisal is helpful in nailing down an acceptable real estate listing price. The extra expense provides a highly educated estimate for what today’s market will bear (and also valuable preparation for you are likely to hear when you enter into serious negotiations). It’s also important to remember that the bank’s loan approval will hinge on whether or not the selling price is in excess of the appraised value of the home.
One of the major benefits of working with a Charleston Realtor™ when developing the real estate listing price for your home is the degree of expertise we bring to the process of setting an advantageous listing price. My own years of experience and knowledge of the Charleston, SC market is invaluable when it comes to setting a fair price that spurs buyers to act quickly. Looking to sell? Contact me today!
Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com
Jeff Cook Real Estate