Pricing your Home
Pricing Your Property
Before we recommend an asking price, we’ll complete what’s known as a Competitive Market Analysis (CMA), at no obligation. The CMA will provide information about similar properties that are actively on the market, as well the sales prices of comparable properties in the area, generally no more recent than the last six months. Some market sectors are so fluctuating that we must review data that is even more recent. General market conditions also influence price; i.e. interest rates, the school district, sales data in feeder markets (such as NY or LA), whether the current market favors buyers or sellers, and other larger economic factors (such as the availability of financing).
We will help you focus your goals:
| • | Is your objective to obtain the maximum sales price? |
| • | If so, are you willing to have your property on the market for many months? |
| • | Is your objective to sell quickly and sacrifice some of your potential profits? |
| • | Or would you prefer to balance selling your property quickly and obtain the highest price the market can bear? |
What Influences Price?
| • | Is your property in or near a ‘hot’ area such as the Plaza or the Railyard? |
| • | What schools, business and services are nearby? |
| • | Do you have views, privacy, or access to open land? |
| • | Are there any “lifestyle amenities” (swimming pools or water features, golf courses, etc) nearby? |
| • | Is your property's location, age or condition less than ideal? We can give you advice to counteract or enhance those features. |
Architecture
| • | What is your propertys’ predominant style (i.e, traditional, Pueblo, Territorial, Northern New Mexican, Contemporary)? |
| • | Who was your property’s architect or builder? |
| • | Frame/stucco or adobe construction? Finish quality? Single or multi-level? |
In a market as ‘style sensitive’ as Santa Fe, these factors have a direct effect on value.
Final Thoughts on Overpricing
The most common reason a property will not sell is that the asking price is too high. Other than ‘stigmatizing’ your listing, an over-inflated price will attract the wrong prospects, reduce showings and offers, extend marketing time, help sell other competing properties, and cause financing and appraisal problems. Let Barkers’ expert brokers help you assess the proper pricing for your property to get it sold in a timely manner.