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What’s Your Home Worth? Find out Now!

When the time comes for you to put your home on the market, learning how to price your home correctly is key. For some sellers, it can tempting to list the property for a much higher price than a market value just to see if you get any bites. While you want to get the most value out of your home, you have to detach from it emotionally and price it to match the current selling prices in your area or it will never sell or at best take far too long to sell.

Here Are Some Tips About How to Price Your Home Correctly

I Keep Hearing About Real Estate Comps? Why Do I need Comps?

Before you can use real estate comps to determine the correct pricing when selling your Miami Beach home, it is important to understand what comps are. In order to determine the correct asking price for any home, an experienced Realtor® will turn to what are known as “comps” or comparable homes for sale in the area. The typical agent will look at three or more comps listed in the MLS (Multiple Listing Service). The MLS is a real estate listing service that consists of a database covering all homes for sale within your area.

The listing comps covers homes that are for sale, are pending sales, or have already been sold. Although you may not be able to access the MLS as easily as your Realtor®, you can still find the listings online or ask your Realtor® to provide you with access. The listing comps are free and can be a very valuable asset in your quest to set the correct price for your Miami Beach home.

Sold Properties Are the Key

While current listings are important, they only play a small part in setting the correct pricing when selling your home. Sellers and Realtor®s can list a home for any amount of money however, this does not mean they are going to get it. The number that is more important is the one that covers how much similar homes in your area have actually sold for. In other words, you need to know how much buyers have been willing to pay for homes in your area that are approximately the same size, shape, and location as yours.

Using the Comps

Since every home in your area is different in many ways, you need to compare only those that closely resemble yours. In other words, if your home has three bedrooms and two baths, there is no point comparing it to two bedroom homes with only one bath. The same applies to location as similar homes in completely different neighborhoods are not likely to sell for the same price.

You should choose at least three homes that are similar to yours and have sold in the past six months. As you compare homes be sure to adjust your comparison to make allowances for differences such as square footage, extras such as swimming pools, garages, decks, and items that can add or detract from the value of your home. While this is an overly simplistic view of the process, as you work towards your goal of setting the right price, using comps will help you reach the right decision and most accurate pricing.

Choosing the Right Real Estate Agent to Sell your Home

There are those who truly believe they do not need to hire the services of a professional real estate agent to help when selling. If you want to get top price when selling your home, you need to hire the services of a highly skilled and professional real estate agent. Even though you will have to pay his or her commission, the amount of money spent will be well worth it. The right agent will aggressively market your home using every form of media at his or her disposal.

He or she will list your home, ensure that it is ready for sale, make sure that it is priced according to established market value for your area, and bring potential buyers to showings. Although you might save a little money by trying to do it all by yourself, you could be cutting off your nose to spite your face as the final selling price will not measure up to your expectations or your needs.

Thinking of selling your home? Let’s start a conversation even if it’s early. Feel free to use our Quick Home Value Estimator and take a look at what your home may sell for today.

Buying or selling real estate is a tedious and emotional process, allowing an experienced agent to take care of you can make all of the difference in the outcome.

Would you like some more information about Miami Beach real estate?

Give Jamey or Ognjen a call today at: 305-793-8965.

JameyPrezzi-Keller Williams