How To Price Your Home
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How To Price Your Home

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A guide to pricing your Knoxville Tennessee Home by Knoxville Real Estate agent Blake Rickels.

A guide to pricing your Knoxville Tennessee Home by Knoxville Real Estate agent Blake Rickels.

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How To Price Your Home Document Transcript

  • 1. Please visit my website at www.BlakeRickels.com or contact me at 865-207-4283 for more information.
  • 2. Do Agents Control The ‘Market Value’ Price of Homes? No - Agents Just Report Value To Sellers The job of an agent is to report to sellers what home buyers are willing to pay for a home at a specific point in time. Who Then Controls Price? Generally speaking, it is the overall economic condition of the economy itself and the local user market. Who Is The Local User Market? It consists of buyers & sellers who reach agreement on home sale prices. This agreement is called current market value. And all financial institutions lend money based upon current market value. The Stock Market Process Is Similar To How Home Value Is Determined
  • 3. How Do We Know What Current Market Value Is For A Home? The Industry Uses The CMA Process A ‘Competitive Market Analysis’ reviews three factors to determine current market value. 1. Similar Homes Recently Sold Tells us what buyers are willing to pay for this kind of home, in this area, at this time. 2. Similar Homes Now For Sale Tells us about our competition. Buyers will compare your home to these homes. 3. Expired Listings Tells us what buyers are not willing to pay for this kind of home, in this area, at this time. All Financial Institutions Lend Mortgage Money Based Upon Current Market Value
  • 4. Market Value Pricing Creates MLS Agent Acceptance & Excitement! Why Must MLS Agents Be Excited? To get a home sold we actually need to sell it twice. First To other MLS agents. Second To their buyers. Therefore To get the most money, in the least amount of time and the fewest problems we need to have MLS agents excited about your home. And pricing your home according to current market value achieves this goal. Excitement Breeds Enthusiasm Which Generates Showings!
  • 5. How Price, Condition, & Excitement Affect the # of Showings to Expect! There Are 4 Price Factor Showing Points Each point impacts sale success and final sale price. 1. Overpriced But Showable Generates low buyer & MLS acceptance. 2. Priced Right But Not Showable Generates medium buyer & MLS acceptance. 3. Overpriced & Not Showable Generates big problems for the sale. 4. Priced Right & Showable Generates maximum showings, as both buyers and MLS agent are excited about your home. Point 4 Creates Excitement, Acceptance, Showings And Top Dollar Sale!
  • 6. Pricing Your Home According To The CMA Method Guarantees Success 1. You’ll Get Top Dollar For Your Home A ‘Competitive Market Analysis’ will determine what that price is in today’s market. 2. MLS Agents Are Excited About Your Home Agents will want to show your home to their buyers since it is priced at current market value. 3. MLS Buyers Are Excited About Your Home Your buyer will know he/she is being treated fairly and will feel secure in placing an offer on your home. 4. You Are The Winner When pricing your home by the CMA method, you automatically position yourself for a successful sale. And CMA Pricing Satisfies A Bank’s Demand For A Market Value Purchase!