Monday, July 12, 2010

How to Determine the Selling Price of Your Lexington MA Home!

Are you thinking of selling your Lexington MA home? Perhaps you’re relocating due to a job or maybe you’ve outgrown your home and are looking to upgrade to one of the many great homes in the Lexington area! It may be overwhelming to start thinking of all that goes into selling your home. The first thing that most likely comes to mind is how much your home is worth and how that will translate into the listing price. Not sure where to start? Let’s take a quick look at how to determine the sale price of your home.

The first step is to find an agent since they can give you an objective look at the Lexington Real Estate market. Their years of experience, along with the day in, day out interaction with the area’s market will be crucial in selling your home.

One of the tools we use in the real estate business is the Comprehensive Market Analysis, also known as a CMA. This report gathers a list of all the homes in the area that have comparable features of your home such as size, location, age, and other key features. The types of homes that are pulled for your report are those that are active, pending, off market or withdrawn, expired and sold. Each plays an important role in the price of your Lexington MA home.

Active Listings- These homes that are currently on the market that will be your competition. Although these homes don’t necessarily reflect the market, since home owners determine the value, it will give you a good idea of the price range that homes similar to yours are being listed.

Pending Listings- Although these homes have not yet closed, pending sales are a good indicator of where the market is headed. Pending homes have been “claimed” by buyers and give an idea of what buyers are willing to spend.

Off-Market, Withdrawn or Cancelled Listings- There are many different reasons why a Lexington home may have gone off the market. It could be the buyer changed their mind, but oftentimes it’s a matter of the home “sitting” on the market for too long. If the sale price is too high, and there is no activity on the home; buyers will often withdraw their homes in hopes of putting it up for sale again at a time when the market picks up or they are willing to lower their asking price.

Expired Listings- Listings are given an expiration date the day they are put on the market. If the listing does not sell within the allotted time due to lack of marketing, price or condition of the home in Lexington typically have the highest median list price because they did not sell and were likely unreasonably priced. A listing may also expire if it is poorly marketed or if the property is in disrepair.

Sold Listings- This includes Lexington homes that have sold in the past six months. These, along with the pending sales, are what the appraiser uses to verify the value of your home.

All of these variables will help give you a better idea of, not only what your home is worth, but also a more educated approach in figuring out the selling price. If you are hoping to sell soon and haven’t found an agent yet; I’d love to help! My main goal is to help buyers and sellers through the Lexington Real Estate Market in a stress free and timely manner. I’d be more than happy to help you each step of the way!

Theresa D’Antuono

Lexington MA Real Estate Agent
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