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Should You Use List Prices or Sales Data when Pricing Your Home?

Tuesday, July 21, 2009 posted by Tommi Crow

A frequent question we receive about correctly pricing a home is “Should we use Comparable Listing Prices or Comparable Sales Data to correctly price our home?”

The answer is overwhelming, Comparable Sales Data.

Looking at the prices of listed property is a big mistake, when determining the correct asking price for a home.  Take a moment and think about it.  If the neighbors list price was motivating, the property would be Sold, not Still for Sale. 

Always use accurate a Comparable Market Analysis (CMA) to correctly price your home.   A CMA features only properties that have sold for all cash or a funded loan.  This is important because many properities aren’t appraising or closing for anything near their “under contract” price.   In our declining market, a home that is worth $250,000 today, may only be worth $220,000, 60 days later when it closes.   Appraisers are aware of this fact and generally appraise very conservatively these days.

Click here To Read more about Appraisal Problems and What you Can do About it.

To obtain accurate Sales data about competing properties in your neighborhood, visit your local county tax assessor website.  Or, research MLS data which can be viewed at sites like zillow.com.

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