Once you have chosen your agent based on” solid criteria” and have done the preliminary repairs and cleaning to get your home ready for the market, invite your agent to your home to view your home with you. Your agent will take a good look at the general condition and upkeep of your home and may offer advice with respect to any” tweaking” that could be done to better prepare your home for the market. Your agent will then do their homework and prepare a Professional Market Analysis of your home. He or She will return to meet with you and discuss their findings. This analysis will help you determine the Listing Price for your home and should include the following:
- A list of homes currently “for sale” on the market which are comparable to your home for location, price point, style, age and home features.
- A list of current “sold” homes (sold in the last year) which are comparable to your home for location, price point, style, age and home features.
- A list of homes that “failed to sell” (expired in the last year) which are comparable to your home.
- A direct comparison to your home of several homes which sold and are currently active, showing the different features of each home, and adjustments to the market value of your home as a result of these comparisons.
- An analysis of the current market conditions in your area.
- A summary showing the average price similar homes to yours have sold for in the last year, how many days they were on the market, and what the list price to sell price ratio is. That will give you a good idea of how much negotiation room might be expected on your home.
- A Price range your home should be listed for and a range that your home is expected to sell within.
- Your agent should provide you with a marketing plan as to how they will be marketing your home to your target market, to achieve a timely sale offering good value to the buyer, and yet maximizing the return to you the seller.