When you’re done with Choosing the RIGHT Real Estate Agent, you’ll want to set a meeting with your Realtor asap to discuss a strategy and game plan to accomplish your goals. Goals differ by seller and to think selling the property at the highest price is the only goal a seller would have is a naive way of thinking. Some sellers might consider timeliness in selling a more appropriate goal and as a seller your goal might not be either of these. When meeting with your Realtor, plan on discussing what you need to accomplish and when. Having these thoughts and ideas in advance might set the wheels in motion that much sooner.
One topic of discussion when meeting with your real estate agent is the comparables or comps for the area. The highest sales price in the area may not be the goal or record you’re trying to make but it is a talking point that needs to be discussed. When evaluating comps, select 3 active properties and 3 sold properties, these properties should be similar to the home you’ll be selling and if some items are different your agent will need to make some adjustment to get the value in line. Once you’ve selected the appropriate comparables you’ll know what your current competition is and what your list price should be, likewise when you have your sold comparables you’ll know what homes have sold for in the area and should also have an idea what your home will sell for.
When Meeting with you Realtor…
If price is the most important to you then you need to listen VERY CAREFULLY… Be realistic in your pricing. Your Realtor will list your home, market it to clients and agents but they’re not genies in a bottle and they cannot grant wishes. Your wish may be to get the highest price in the neighborhood and that might happen providing the characteristics and desirability of your home but remember this, it’s not the norm. Traditionally, a sellers thought should be to list their home at or very slightly above fair market value, never over price your home. You can read more about the dangers of overpricing your home in When Your Home Selling Price is too High, Beware!
Another point to consider is how long you want to have your home listed for sale. In our free eBook 7 Steps to Successful Selling we discuss how pricing will affect your overall days on market. Depending on a sellers needs, the price might need to be slightly higher or less than fair market value. Another important item to consider is the season in which the sale is taking place. During the holiday season, approximately middle of October to the middle of January only homes that are significantly under priced are sold. Most buyers and even sellers during this time don’t want to add more hassle to their already busy lives so if you’re thinking about selling during the holidays you may want to slight under price your home for the neighborhood in order to sell it, list it at fair market value knowing it likely wont sell till after the holiday or just wait till spring. You can read more here about the Best Time To List My Home for Sale.