The Keys to Pricing
Researching the Chattanooga Real Estate Market
KW-Jay Hudson Homes will begin helping you by completing a Current Market Analysis (CMA) or “Comps” to see pricing of similar homes have sold for recently. We will look for homes with the same number of bedrooms, bathrooms, square footage, lot size, year built, and other features like a pool or outbuilding. Your trusted agent will then determine the average price per square foot for homes in your area with similar features.
Next, we will take into account the condition of your home, including any upgrades or updates you have made or plan to make before listing. Upgrades like solar panels, new HVAC, landscaping, or a new roof can add value to your home. Once your trusted KW-Jay Hudson Homes agent gathers all pertinent information he/she will review the prices to obtain an average selling price per square foot, then take this price to suggest your selling price.
Setting the Right Listing Price
One of the biggest challenges when selling your home is pricing it correctly. Some sellers are tempted to set a high price, thinking they’ll get more money for their home. However, this can backfire as potential buyers may be scared off and not even consider your home. And if you do get an offer, it may be lower than expected.
Not to mention pricing a home too high can lead to longer days on market and price reductions creating questions in buyers’ minds, like “Why hasn’t it sold?” or “What is wrong with the home?” Savvy buyers and agents may research the history of the home, including its price history, previous sale prices, and comparable properties. Websites like Zillow or Realtor.com can show price changes, which may lead to lower offers from buyers who see that the home didn’t sell at the higher price before.
Setting the right price for your home is where your realtor’s expertise comes into play. KW-Jay Hudson Homes is comprised of local Realtors® that know the current market trends, what buyers are looking for, and what the future forecast for the market looks like. Your realtor wants you to get the most money for your home, so he/she will suggest pricing it just slightly below the market value. This will make your home very competitive and attract more buyers, potentially leading to multiple offers and a higher selling price.
It’s important to work with a qualified local real estate agent who can help you navigate the pricing process and avoid common pitfalls. By setting the right price, you can increase your chances of selling your home quickly and for the best possible price.