If you are like most homeowners, at some point, you have wondered how to determine the price for a Cohasset, MA house for sale. If so, you may have also wondered what your home is worth, especially now. So, with a hot market and newer valuations than we have seen in recent memory, how does one arrive at a fair price? How does a home buyer determine what is a fair offer to make to a seller? And at which price will a seller accept an offer?
The shortest answer to this quandary is to engage a professional real estate agent who knows the local market. But as you’re working through whether or not to sell, here are methods agents use to craft the right price for a Cohasset MA home sale.
- Usually, you have to examine a myriad of metrics and fuse them together. I look at the price per square foot of where other similar homes have sold. But I also look at a home’s relationship to its assessment. Where have other homes sold recently in relation to their assessed value? How can this correlate to the home in question?
- How many similar homes are you competing for in the market? Are you the only game in town? Or, are you one of several similar homes for sale? Recent market trends have shown that when your home has limited competition, it tends to garner a better price. Conversely, when there are several similar homes as yours for sale this competition is no friend to price.
- What condition is the home in? Is it current with updates or does the home require TLC? Even more importantly, does it require more than just a few updates? Today’s buyers are predominantly not interested in taking on a project, especially a large renovation.
- The other variable to price and how to determine it for a Cohasset MA house for sale is the seller’s expectations. Unfortunately, many seller agents look for the seller to dictate the home’s price. This practice ends up being a disservice to sellers and ends with a disappointed seller and an overpriced home. Thus, making more work for everyone involved. Agents should work together with clients to determine the price. They should educate their clients with information about local market conditions specific to their home.
As a buyer’s agent, I have had great success with presenting an offer that is based on logic and hard numbers relative to recent past sales. This requires a willingness on the buyer’s part to be open to what buyers want to pay for the specific property. On the other hand, sellers need to be willing to hear where the market is currently. And both parties need to be honest as to where the current house is in terms of its needs. And when all this comes together, you have an accepted offer.