DOLLARS VS DAYS
After you’ve taken step one to decide to sell your home, step two is usually setting your asking price, striving for a balance between generating offers and receiving top dollar.
Your chose representative will perform a Competitive Market Analysis (CMA) to produce an estimate of your home’s “fair market value,” or that price that educated buyers will pay based on listing and sales of homes similar to yours. The agent will not establish the price, but only provide the information you need to make that decision yourself.
In a hot market, you have the advantage, but would still want to avoid overpricing, which is always unproductive. However, in a neutral or buyers market, you’ll have to be particularly cautions in your approach to setting a price.
In soft markets, price reductions become more common, as well as fewer offers and longer listing periods. You have to first establish your priority: is it more important for you to sell quickly or to get the most money possible? Like it or not, one option simply must be more critical than the other.
Have a third party, like your agent, help you see your home as a commodity, with positive and negative selling points. Price your home objectively and competitively, be prepared to negotiate to reach and agreement with buyers, and exercise patience as you prepare your move.