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All home sellers share a common goal – to sell for the most money quickly and easily! The best time to get the most for your home is within the first 30 days on market, so pricing right is key! To determine the right price for your home, an experienced Realtor will run a full market analysis and consider:
Selling prices of similar homes in your neighborhood: Selling prices of other homes is key in determining your home’s value. While it is generally preferred to stay within a half mile or mile of your home’s location – some rural areas of Connecticut require a larger radius to find comparable sold homes most similar to yours. Similar square footage, acreage, age, number of bedrooms and baths as well as condition is key in locating homes that will be most significant in this search. The previous 3-6 month period of home sales is most significant, however sometimes we have to go back a little further to determine seasonal pricing changes.
Homes that are currently pending: After homes that have actually sold, homes currently under contract to be sold are your next best resource of finding out what price it will take to find a buyer today.
Your competition: Homes that are currently on market should also be considered as they will be your direct competition and will likely attract the same buyer pool. Again, similarity and distance are most significant here, but keep in mind homes that are still available are homes that have not yet sold!
Key here is offering the best value amongst your competition! After careful analysis of the above and a visit to your home to determine its unique selling points, your Realtor will be able to help guide you to the right asking price!