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Setting the Listing Price
Dated: April 26 2021
Are you getting ready to sell your home? Do you wonder how the listing agent comes up with the listing price? Here are a few insights into how we calculate the best list price for a home.
1) First things first, before the listing appointment, the agent should have an idea of what homes are selling for in the area/neighborhood. A realtor will:
a. Put together a market analysis to see a summary of the active listings and recent sales in the neighborhood.
b. Compare the number of active listings and the average price per square foot of sold homes.
c. Narrow down the search to homes that are similar in style, size, number of bedrooms, and age of the home that is being sold. This gives a more concrete picture of what the list price could be.
By doing these things, the agent has an idea of what the home could possibly sell for.
2) Listing appointment and tour of the home.
a. During the listing appointment, the listing agent will ask the seller what their financial goal is for the property. How much does the seller need to profit, and how much do they want to net from the sale?
b. With this in mind, the realtor will tour the home and make a list of upgrades, features and repairs needed. All of these traits can affect the list price.
3) For the last step, the realtor will re-evaluate the notes taken, and come back with a firm list price.
Once the realtor has seen the home, it is much easier to put a price on the home. Taking into consideration the upgrades, features, and repairs, the listing agent can formulate a listing price.
Things to consider in pricing: Number of homes currently for sale, the number of days on the market for SOLD homes, and price-per-square foot of the similar properties.
I would love to hear from you! You can send me your questions via the comment section, and I will get back to you.
Janet Wingrove has been a licensed realtor in the State of Texas since 2007 and has been selling real estate in San Antonio ever since. "My #1 goal is to help you achieve your real estate dreams!" - Janet