How to set price of your house for sale. Home values in Las Vegas Nevada
Setting the Listing Price
In setting the listing price for your home, there are several things to consider. Try to think like a home buyer. Based on a list of houses for sale in your neighborhood, buyers will determine which houses they want to view. Consider the following pricing factors:
If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than others on the street. Even though you may have told your listing agent that you would take less, buyers may not even view your home because it appears to be overpriced.
If you price your home too low, people may wonder: "Why is that home so much less than other homes in the area? Is there something wrong with it?" Your home may sell quickly, but a buyer who would have paid a FAIR MARKET VALUE did not have time to find it.
To determine the proper listing price, contact the MillionSaver team. We will provide you with the following professional services:
- Furnishing comparable sales
- Analyzing market conditions
- Estimating your net proceeds
No matter how attractive and polished your house, buyers will compare its price with everything else on the market. Your best guide is a record of what the buying public has been willing to pay in the past few months for property in a neighborhood like yours.
The MillionSaver team can furnish data on sales figures for those "comps," and analyze them for a suggested listing price. The decision about how much to ask, though, is always yours.
The list of comparable sales, along with data about other houses in your neighborhood presently on the market, is used for a Competitive Market Analysis (CMA). To help estimate a possible sale price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their listing prices.
This CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. In addition, an appraisal is done for a fee, while the CMA is provided free of charge. It may include properties currently listed for sale and those currently pending sale.
Considering Market Conditions
A CMA often includes Days on the Market (DOM) for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, the average DOM can run into many months. Ask us about current market conditions.
Estimating Net Proceeds
Once you have an estimate of market value, you can get a rough idea of how much cash you will have when the sale is completed. This can be particularly useful as you start looking for another home to buy.
From the estimated sales price, subtract:
- Payoff figure on your present loan(s)
- Broker's commission
- Any prepayment penalty on your mortgage
- Attorney's fees, if any
- Homeowners warranty, inspection and appraisal, if requested by buyer
- Unpaid property taxes
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