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Pricing Your Home using a Comparable Market Analysis

Pricing Your Home

Before listing your home for sale, we need to determine an accurate market value. To accomplish that, I’ll prepare a thorough Comparable Market Analysis (CMA), which will help us determine a likely range that you home should sell for.

In the analysis, we’ll look at homes similar to yours, which have:

  • Recently sold
  • Are currently under contract
  • Are currently active on the market

This will also help us determine an appropriate price to list your house for against the current competition, and considering (at minimum) its size, age, location, features, and the current market activity.

I’ll give you my objective perspective and advice as to how much you should list your house for. While I hope you take my advice, ultimately you decide on the list price for your house.

However, the buyers in the market ultimately determine the market value of your home. It is only worth what a ready, willing, and able buyer is willing to pay. That should be in line with the value we see in the CMA, as long as there are no major changes within the market, and you make the right decisions on pricing right from the start.

Many homeowners tend to overprice their house when they first hit the market because:

  • They believe they should have “wiggle room” to be able to negotiate to the price they want to get.
  • They simply hope that someone will pay more than the market data indicates.
  • They price it based upon what they “need to get” in order to sell their house.
  • They add every dollar of improvements they have made to the house over the years onto the data-driven value.

When a seller overprices their home, for any of these reasons, they usually lose buyer interest by being out of line with the market. This causes their home to sit, accrue days on market, and cause buyers to conclude there’s something wrong with the house, it’s overpriced, or both. Stale listings do not sell for asking price, and the longer the home sits on the market, buyers will be expecting price reductions or submit low offers.

So, before we even go over the market analysis, my best advice is to listen to the data and price your home accordingly. That’ll end up saving you a lot of time, money, and aggravation.

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Client

TESTIMONIALS

"Russ knows all the ins and outs of Sonora at Rancho Sahuarita and his knowledge was really helpful. I had already moved out of the area and he had good people lined up to fix up the minor things that were required in the inspection. "
- W.P., Sahuarita AZ
"Russ was always very responsive and returned calls in timely manner. Was extremely Calm and rational when going gets jiggy. Keeps any drama from becoming dramatic. His experience in executive management is an asset when dealing with the variety of challenges related to closing the sale. I Highly recommend him to handle complicated transactions. "
- M.L., Tucson AZ
"Russ was very helpful with respect to the hunt and purchase of my home in Green Valley. I valued his input as far recommending homes and all the additional info as far as resources in the area. He had to deal with me being in Pennsylvania and handling most of the work long distance. He reviewed the potential homes based on my wants/needs and continually send me lists and updates. By the time I got to Arizona on vacation we went thru the list, visited sites and made a choice in one day. I would gladly recommend Russ to any possible client in the future. Can’t thank him enough. "
- M.F., Green Valley AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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