People often ask us what goes into calculating a listing price. How do we generate that number? Well we’ve essentialized our process into 3 simple steps: the CYA. The C stands for Comparative Market Analysis – where we look at others homes which have sold in your area over the last 6 months (or are still on the market), and compare features like # of bedrooms, bathrooms, size of yard, etc. This gives us a ballpark figure of what the market will bear for your home.
“By taking into account all of your personal factors, plus the CMA of the home, we arrive at our asking price.”
The Y stands for – you, our client! There are countless personal reasons for getting involved in the real estate market, and it’s important for us to understand why you reached out to us. Is time a factor? Are you upsizing or downsizing? What does your financial situation allow as far as budget? All very important factors to determine listing prices.
And finally, the A stands for Asking price – the combination of the first two components. By taking into account all of your personal factors, plus the CMA of the home, we arrive at our official asking price. Hopefully this was helpful to you in explaining how we arrive at a listing price. If you have any questions or would like to learn more, feel free to send us an e-mail.