When selling a home in Lexington, KY one of the most important tasks is setting a good listing price. There are several factors that go into setting the right price for your property. Be wise and consider each of the following factors before listing your home on the market.
Comparative Market Analysis
One of the key components real estate agents will use to advise you on a good listing price for your home is the Comparative Market Analysis (CMA). This is simply their way of analyzing what other homes in your neighborhood have sold for recently. Usually they focus on houses that have certain similarities as yours such as number of bedrooms and bathrooms.
How Good of Shape is Your House In?
CMA is good for determining a listing price for your home only to an extent. The condition of your home will go a long way in determining how much you should list it for. For example: let’s say your home and another home that was sold a month earlier both have 3 bedrooms and 2 bathrooms. You saw the other home that was sold and its exterior needed a lot of work, however your exterior is in tremendous condition. Although both homes have 3 bedrooms and 2 bathrooms, your home may be worth more on the market because it is in better condition. Do your best to view the properties that were recently sold in your neighborhood to compare the condition they are in and compare it to yours.
Another important factor that will determine the value of your home is its features/amenities. What does your home offer that other homes that sold in your neighborhood do not offer? Do you have a car garage and the other properties did not? Does your home have walk in closet space? Do you have a finished basement? These are all types of things that can either cause your property to be listed higher or lower than other properties that have sold in the recent past throughout your neighborhood.
Selling Your Lexington Home
These are three important factors that will go a long way in determining a good listing price for your Lexington home. Be sure to make as many repairs and renovations as possible, as this will help drive up the value and listing price for your home. Potential buyers will look to do all they can to negotiate the price down. You as the seller have to give them less bargaining leverage as possible.