You’ve decided to sell your home…..how do you determine how much to put it on the market for? Most sellers have the goal to sell their home fast and for the most amount of money possible. To be successful, correctly pricing your home right from the beginning is critical.
All agents can run a CMA to give you a snapshot of what similar houses in your area recently sold for or are currently listed for. A Comparable Market Analysis (CMA) is a computer-generated report that uses data from the local Multiple Listing Service (MLS). The CMA is a valuable tool for looking at recent market history.
Nothnagle agents have an additional tool called an “Absorption Rate Calculator” which basically calculates what the current supply and demand is in the market, further assisting sellers to determine a more accurate and competitive price. While a CMA looks back, the Absorption Rate Calculator is looking forward by calculating what the current months’ supply is for your area and house type. The higher the supply of similar homes, the more competitive you need to be with your pricing. Conversely, the lower the supply of similar homes active on the market may create a “seller’s market” meaning the seller can ask for more money – and be successful in getting asking price or even more if there’s a competitive bid situation.
Inventory is currently low and at Nothnagle we anticipate that once Spring finally hits Western New York (keeping our fingers crossed it will be soon!), we anticipate a surge of buyers coming into the market. And they need houses to buy! If you’re thinking of selling your home this year, now is the time to sit with a Nothnagle agent who can assist you in determining the most accurate price. The result? Less hassle and less time your house will spend on the market…..giving you the ability to move on with life!
For more information, contact any Nothnagle agent direct or call 866-295-MOVE today.