Proper List Pricing

What would an upward or lower price adjustment look like based on the current market CMA?  Well, let’s look at an example.  Let’s say that the CMA of previously and recently sold similar homes shows that the listing price should be around $235,000.  However, those sales were between one month and three months old.  Our current market listing CMA shows that similar homes in the neighborhood are listed at $249,000 or thereabouts.  Me and you may decide that the market is improving and justifies raising the listing price of your home to $245,000 so that it’s still competitive but a better deal for you.  Of course, this can work the other way as well.
 
A proper list price that reflects current and realistic market conditions is critical to getting your Fort Lauderdale, Wilton Manors, Oakland Park, and Pompano Beach real estate property sold quickly. I don’t want you to under–price, but it’s worse to over–price in any market. Buyers discount value by DOM, Days On Market. The longer a home stays on the market, the greater they’ll discount their offers. So, a realistic list price is how I make sure your property sells without languishing on the market.
 
How do I come up with a suggested list price that reflects your home’s competitive position? It’s a combination of services and experience, and I'm going to be very careful and detailed in my analysis and market evaluations to make sure that you don’t leave money on the table or sit around wondering why you aren’t getting offers.
 
My evaluation of how your property compares to the current competition is the first step. Then we may suggest some worthwhile corrections you can make to improve that position. Once I know what your home will look like when listed, I’ll go into our thorough CMA, Comparative Market Analysis, process.

CMA of Sold Properties 
First I select comparable properties out of those sold recently and in the neighborhood or nearby. These “comparables” or “comps” are selected based on similarity in features, location and characteristics with your home. They must have been sold as recently as possible so the sold prices are of maximum value.

I then do a through “adjustment” process to adjust their sold prices for any differences with your property. If a home has one more bedroom than yours, I would adjust that property’s sold price downward for the value of one bedroom to make the comparison “apples to apples.” I make adjustments for garages, bathrooms and other major features to bring our comps to closely compare with your home. Then I use those sold prices to arrive at a preliminary listing price for your home.

I say “preliminary” because I have another CMA step.

CMA of Current Listings 
Now I get more comps, but instead they’re properties currently listed and your competition. I go through the same adjustment process, and I come up with another, possibly higher or lower, price suggestion for your home. This second CMA gives me more up–to–date information about the market which could cause us to lower or raise our preliminary list price to adjust to the current market. Using the two CMA results and an experienced analysis of your home’s position in the marketplace, we can set a listing price that will get the job done.

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Contact Info
Agent
Frank Martini

Senior Sales Associate

Castelli Real Estate Services

2227 Wilton Dr.
Wilton Manors  Florida 33305

415-378-0773 frankmartini@mac.com

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Success Stories
  • Frank was both timely and reactive to all of my needs during the entire purchase, including even AFTER the closing! Unfortunately I had a number of unforeseen circumstances due to incorrect title information on the originally offer and rather then giving up, Frank found even a better purchase for us and then followed up through the entire process to ensure that I was indeed happy and that all aspects of the sale was complete, even going as far as collecting the outstanding keys and utility information. Frank was very professional with constant follow up and communication. Highly recommend!

    Douglas Hohlbein
  • Finding a new home is tough enough locally, finding a great new place from 1000 miles away seemed impossible, until I found Frank Martini online. Mr. Martini's communication and professionalism were outstanding. Without the need to commute from one end of the coast to the other, Frank helped me find the perfect residence, negotiated the terms, expedited all documents, secured my keys and even met me upon arrival in town. I would highly recommend Frank Martini's service to anyone, and will definitely obtain his skills again when needed. A very lucky and satisfied client -

    Steve Knight
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