Home Selling Resources
Guidelines for Pricing Your Charlottesville, VA Property
When it comes to selling your home, you want to price it like Goldilocks — not too high, not too low, but just right. The right listing price will allow you to reach more interested buyers and sell your home for top dollar. But how do you figure out what price is right for your property? We have a few tips and resources that can help.
Research the Charlottesville Real Estate Market
Before you try to figure out the dollar value of your home, research the local housing market to learn what homes are selling for and why they're selling for that price. Be sure to learn about key stats like days on market, average sales value, sale price to list price ratio, and absorption rates. Not familiar with these terms? Here's a quick explanation about why they matter when selling your home.
Important Statistics to Consider
Days on Market (DOM) — This statistic measures how long homes stay on the market from the day they are listed on the local listings database to the moment they go under contract. See what the DOM stats are for your community and similar homes. That way, you'll know how long to expect your home to be on the market.
Average Sales Value — Simply put, this is the average of the home prices in a specific city, zip code, neighborhood, or some other grouping.
Sale Price to List Price Ratio — This percentage can tell you whether a home sold above or below its asking price and for how much. A sale-to-list ratio of 110%, for instance, means that the home sold for 10% over the list price. When you're interviewing listing agents, you can gauge their pricing strategy and marketing prowess by asking about their sale-to-list ratio.
Months of Supply — This number can give you an idea of absorption, or how quickly homes are selling. To get this statistic, divide the number of active listings by the number of sold listings for a particular time period (say, a month or a year). For instance, if 300 properties are on the market and 150 sold in the past month, there are 2 months of supply, which is considered a seller's market. For reference, a seller's market means less than 6 months of supply and a buyer's market means more than 6-8 months of supply.
Stay on Top of Current Market Trends
Knowing the real estate market conditions is essential to pricing your home correctly. As the real estate markets shifts its favor from buyers to sellers and back again, you may need to price your home higher or lower to attract interested buyers. And if homes are staying on the market for months, you may need to adjust your price so that your home sells in a reasonable time. Want to keep track of current real estate activity in Charlottesville and Albemarle County? Ask us!
Next, Consult the Prices of Similar Homes
To attract a qualified home buyer, your home should follow the lead of properties that are similar in square footage, number of bedrooms, number of bathrooms, and other home features. You can use our Charlottesville and Albemarle County home search to peek at your competition. But don't just sold for active listings. See what properties similar to yours have sold for in the past few months or are currently under contract.
An experienced real estate agent can provide you with a Comparative Market Analysis (CMA) that includes information about the prices of homes that have sold within the last 10 months, are currently on the market, and are under contract. Contact us and we'll provide you with one!
List Your Home's Recent Improvements
If you've upgraded your roof, installed new appliances, painted your home, replaced the plumbing, or did any other remodeling or home improvements, your home could be worth more than you think. Gather the records of these upgrades and let your Charlottesville real estate agent review them to determine the extra home value.
Price Your Home Right from the Start
One of the most important things to remember about pricing your home is timing. The first price for your newly listed home is often the best price. Homes begin to lose their initial appeal after a few weeks on the market, which may lead you to lower your asking price if potential Charlottesville home buyers have shown little interest. When you're choosing a real estate team, be sure to ask about their pricing strategy as well as their listing experience.
Find Your Home's Value with The Chase Team
As you're determining the right price for your Charlottesville home, explore our wealth of home selling resources and reviews from past clients to find out what sets us apart from other real estate teams in the area. Because of our intimate knowledge of the Charlottesville real estate market, we have helped many homeowners sell quickly and for top dollar. Here's how we'll market your home.
Ready to Put Your Home on the Market?
We'll help you sell for top dollar and in a short time. Contact us and we'll start by determining the best price for your property.