There is less guesswork than you might think about
establishing an on-target Metairie 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 Metairie 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withdrawn listings.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
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).
Appraisals
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 Metairie 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 Metairie
market is invaluable when it comes to setting a fair price that spurs buyers to
act quickly. Looking to sell? Call me today! 504-297-2619
(504)297-2619
8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.
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