Pricing your home in Savannah, GA and Chatham County correctly may be the most critical factor in the entire home-selling process. A well-priced house attracts buyers quickly, while an overpriced one can sit on the market for too long, ultimately selling for less than its potential value. Numerous studies show that the longer a house remains unsold, the lower the final sale price tends to be. However, pricing too low can also hurt your chances of maximizing profit. Striking the right balance is essential. To help you navigate this crucial step, here are five important things to consider when pricing your home in Savannah, GA and Chatham County.
1. All Aspects of the CMA
When pricing your home in Savannah, GA and Chatham County, a comparative market analysis (CMA) should serve as the foundation for your pricing decisions. A CMA provides insight into the prices of recently sold homes similar to yours, as well as active listings in your neighborhood. Since active homes are your competition, understanding how their pricing compares to yours is crucial for attracting buyers and securing a competitive sale.
To ensure an accurate home valuation, you must consider all aspects of the CMA, including:
- Area and location
- The area’s market history
- Homestyle
- Size (square footage and number of rooms)
- Condition
- Lot
It’s essential to ask your real estate agent why specific homes were included or excluded from the CMA. This information is critical in making informed pricing decisions that maximize your home’s value while ensuring a timely sale.
For expert guidance in pricing your home in Savannah, GA and Chatham County, contact 912-756-2448 today!
2. Differences Between Homes
After the CMA has been run, another key factor for correctly pricing your home in Savannah, GA and Chatham County is understanding that no two homes are exactly alike. While a home may be similar to or comparable to yours, there will always be differences that affect its value.
Your home and a comparable home may have the same square footage, the same number of bedrooms and bathrooms, so they might seem like they should be priced similarly. But that’s not always the case. The floor plans could be entirely different, and one home might have a kitchen located in an awkward space, while the other has a more ideal layout. Most buyers prefer floor plans with better flow, and this preference can have a significant impact on pricing. Additionally, factors such as natural light, the quality of finishes, and outdoor spaces also contribute to the overall value, making one home more desirable than another. These subtle yet important differences should be carefully considered when pricing your property.
3. Local Market Nuances
Local markets are small micro-niches and there can be nuanced differences and even significant differences between them that affect pricing. You may consider a comparable home just down the block from yours in the same location and worth about the same. But it could, in fact, be in a different school zone or in a different tax district, either or both of which will affect value and pricing. So don’t neglect to take into account local market nuances when pricing your home in Savannah, GA and Chatham County.
This is one factor where the expertise of a local real estate agent can be invaluable. Your agent will be up on all the differences in local markets and can help you price accordingly. (Call 912-756-2448 to discover how a good local agent can help.)
4. When Properties Sold
Another factor to consider in pricing your home in Savannah, GA and Chatham County is when comparable homes sold. Local markets aren’t static, and conditions are always changing. This means that a comparable home’s selling price will assist you in pricing your home only if the current market is similar to the market when that home sold.
If, for example, the market when that comparable home sold was less competitive than the market now, you may not be able to price as high. Or, on the other hand, if the market was more competitive then, you may be able to price higher. You simply must compare market conditions in order to price for a quick sale.
5. Agent as Resource
It should be fairly obvious, then, that pricing your home in Savannah, GA and Chatham County requires more than just comparing a few similar homes and their selling prices. The real estate market is dynamic, influenced by factors such as supply and demand, interest rates, and local economic trends. Understanding these complexities without extensive pricing experience can be overwhelming and may lead to costly mistakes. That’s why working with a knowledgeable local real estate agent is essential. They can provide accurate market insights, help you set a competitive price, and guide you through the entire selling process. As a general rule, the sooner you start using your local real estate agent as a pricing resource, the better positioned you’ll be for a successful sale.
