Setting the listing price for a home is in no way an exact science. A potential seller and real estate agent look at the data which includes, homes currently on the market, homes that are under contract, and most importantly homes of similar size, style, age, etc. that have sold within the last 6 months. Out of this mix of data, sprinkled with the emotional bond the seller has with the home, a listing price is set. A large question looms at this point – Is the listing price an accurate reflection of what a ready, willing, and able buyer will pay?
Unfortunately in many cases the listing price of a home does not reflect what potential buyers are willing to pay. Hence the property does not get many showings, and as time goes on the price is adjusted downward, and as the number of days on the market increases the frustration of the home seller increases as well.
The adage “time is money” is very true in real estate – the more time your property is on the market the more likely it is you will receive less money for it.
A pre listing appraisal can help alleviate some of the unknowns regarding the market value of a property. An independent professional appraisal can shorten your time to contract and provides an unbiased opinion of value for your home established through methodology and detail that goes beyond a real estate agent’s Competitive Market Analysis (CMA).
Benefits Of A Pre Listing Appraisal:
– Establishes a competitive price, stimulating buyer demand
– Provides solid data for use in the negotiation process
– Establishes credibility for a listing price
– Provides advance knowledge of repairs necessary to secure financing
– Helps create an offer closer to the original listing price
– Creates offers sooner than later
There is no perfect solution for pricing a home to sell quickly in today’s volatile market, but getting an objective price opinion through a pre listing appraisal is a smart step in the process of getting a home sold in the quickest time and for the most money. The cost is approximately $300 to $400 – it is definitely money well spent.
If you are considering listing your Wallingford home and would like additional information regarding a pre listing appraisal I would be glad to assist you.
