How do I choose the sale price for my home?

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Real Estate

Technically we're looking at the "asking price", because only a buyer and seller together can determine the sale price.


There are a couple things we consider when looking at the sale price of a home, that are all wrapped into something called a "Comparative Market Analysis", or CMA. A CMA is going to follow the same guidelines as a loan appraisal. Those include the following:

1. What are similar homes that have sold near yours? Ideally, these sales closed in the last 3 months so that they are considered "in the current market". If they aren't homes in your neighborhood, they should be the same architecture style (colonial, ranch, split level, etc.), a similar year built, square footage, and lot size. After compiling a short list of similar homes, those homes are used to create an informal appraised value on yours.

2. What are the neighborhood trends? What does the data show? Are homes in your neighborhood selling above, at, or below asking price on average? By how much? How many offers are they getting, and how long is it taking for them to receive them? What is the buyer demographic?

3. What is your local market doing? Similar to the neighborhood analysis, but looks at a broader scale. What time of year is it?

Looking at all of this helps you compile a pricing strategy that will get your home sold!


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Phone: 248-735-7297

Adam Somers is a Metro Detroit and Ann Arbor Real Estate Agent who specializes in Plymouth, Northville, Novi, Canton, South Lyon, Brighton, Milford, Livonia, and Farmington. Helping first time buyers, move up buyers, and downsizing buyers find their next home, as well as homeowners who are selling get the best price during their home sale.