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11 Questions to Ask Before Pricing Your Home | Home & Garden

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11 Questions to Ask Before Pricing Your Home
11 Questions to Ask Before Pricing Your Home
 

 

 

 

 

 

  1. Are there improvements I can make to my home — both major and minor — that could enhance the price? Usually agents can do a quick review of your home and suggest minor improvements (e.g., painting, minor repairs) that will enhance your home’s value, but they can also suggest more serious improvements such as adding a deck that can recoup your costs — especially if most homes in your neighborhood have a deck.
  2. How many homes do you list each year on average? A valid question, since it shows how much experience and activity this agent has had in helping set the sale price for homes they listed.
  3. What do you think my home is worth? Even before an agent “runs the numbers” or walks into your home, he or she will have a pretty good price range in mind, if they know your address. And, that’s assuming the agent works out of your neighborhood.
  4. How will you arrive at a price for my home? The right answer is pulling comps, coming to your home for a visit, market conditions, and reviewing data that shows the inventory of unsold homes in your neighborhood, days on market, and sale price vs. list price.
  5. Will you do a comparative market analysis for my home? The right answer is yes. A CMA is not the end-all, be-all, but it’s one building block in determining value.
  6. How long will it take to sell my house? This is not a yes or no answer. Rather, the response should be, “I will price your home fairly, but with your timeframe in mind.”
  7. Is it a buyer’s market or a seller’s market? If there are lots of homes for sale in your neighborhood and they’ve been sitting for a while, this might not be the right time to sell since you might not get the price you’d like. If, however, the amount of buyers exceeds the amount of homes for sale in your neighborhood, you could command a higher price for your home. Your agent will have all of this information.
  8. How many homes have you priced that sold above or below the original list price? Kind of like a batter who hits 4-for-5 during a game, this shows how skilled this agent is in hitting his or her mark in setting a good price.
  9. What are the list prices of other homes in my neighborhood? It’s always good to know whether your home is alone in a price range or whether it’s competing with other properties since buyers tend to look at ranges of prices.
  10. If the home doesn’t sell in 30 days, what kind of price reduction would you recommend? A savvy real estate agent will have a host of ideas, in addition to potentially reducing the price. Some agents might suggest offering a percentage back to the buyer to help pay closing costs, instead of lowering the price. In real estate parlance, this is called “seller contribution,” in which the seller gives 2, 3, or 4 percent back to the buyer for closing costs. But remember that the list price is the "biggest billboard" for a listing, and you always want the price to be as attractive and competitive (i.e., low) as possible. Sometimes reducing the home’s price by 5 or 10% will get you a sale.
  11. The market: What can you tell me about current market conditions? What is the current average Days on Market in this neighborhood? How many houses in my neighborhood are on the market now?

 

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