6 Important Considerations When Pricing Your Lake Martin Home
Setting the right list price for your Lake Martin home can be overwhelming, so read these important considerations when pricing your Lake Martin home for sale. Luckily, an experienced local real estate agent can help compute all of the housing market lingo, data and overall confusion. That being said, it’s still helpful to understand how the process generally works when selecting a Lake Martin listing agent.
1. Seek advice from a local real estate expert.
When considering selling your Lake Martin home seek the assistance of a local professional REALTOR®. You don’t have to figure this stuff out on your own! As a Lake Martin REALTOR®, I am here to guide you. Most importantly, a real estate agent can conduct a Comparable Market Analysis (CMA), which will do most of the heavy lifting for you. A CMA is a home evaluation tool that real estate experts use to estimate how much your property is worth in the current market. Avoid automated CMA’s on big company websites or price tools like those found on Zillow, they rely on inaccurate data. The only way to get an accurate CMA is through a local Lake Martin real estate agent member of the Lake Martin Area Association of Realtors.
2. Examine the prices of current listings and sold “comps.”
It is crucial to study “comparables,” often referred to as “comps,” when considering the list price a home, condo or lot for sale on Lake Martin. Comps are recently sold properties similar to the one you are selling in terms of size, age, location and condition. Take a look at homes that have sold within the past year – or more ideally, the past three months – that are comparable to yours and in the same area. Generally, you will not want to deviate far from these figures. In a fast moving market this is reviewed daily. Also, monitor New Listings daily to stay current of all current properties for sale sale.
3. Study how comps were listed versus sold.
All lake martin properties put on the market are initially priced and listed according to various factors. But the selling price can be higher, likely in the current market, or lower. When examining your comps, it’s helpful to look at these ratios to have an idea of market fluctuations, and what sellers and/or agents may have done right or wrong. Again, a local Lake Martin Realtor can help you with these details.
4. Review how long comps were on the market.
Investigate how quickly or slowly comps were sold, withdrawn or expired, for valuable pricing feedback. If certain comparables were sold much faster than others, find out why. Days on market is an important consideration when pricing your Lake Martin property. Accurately priced homes sell fast. A great example of this is FSBO properties. They often marketed as great deals, the best deal but are often overpriced since they are based on the owners opinion of value and not current market data.
5. Pay special attention to the lot value of comps.
It’s good to keep in mind that all listings will eventually be appraised. Appraisers aim for accuracy, but even so they can stray more than 10-20% on their lot value calculations. Lot value can vary significantly when adjusted for view, water depth, size, water-frontage, slope, seawall type, dock design/construction and several other variables. With this in mind, it’s best to compare homes with very similar lot characteristics using the smallest adjustments. Lot value adjustments are the most difficult for a less experienced agent, and this is where a local EXPERIENCED agent is most valuable.
6. Know the market conditions.
Take everything you learn about comps and then analyze the current market conditions. How is supply and demand currently affecting the sales prices for comps? Typically you’ll want to set your price close to the last few that have sold in your area, but if supply is lower and demand higher, consider raising your listing 10% or so. I will discuss the factors of the current market when considering the most accurate list price of your home.
Local Lake Martin Real Estate Agent
ACCURATELY pricing real estate can be a daunting task. Fortunately, the Lake Martin area MLS data offers the information to help us set the best list price for your Lake Martin property. This includes valuable information about comparables, as well as significant steps like the aforementioned considerations when determining your homes value. Contact local Lake Martin Real Estate agent Miller Dark to discuss these important considerations when pricing your Lake Martin home for sale. Don’t trust Zillow and Zestimates for an indication of market value if you are considering selling on Lake Martin.
