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The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:
houses in your price range and area that were sold within the last half-year
asking and selling prices of houses
current inventory of houses on the market
features of each house on the market
From the CMA, you will learn the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.
Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.
Always be realistic. Understand and set your price to reflect the current market situation.
The information provided by the Upper Cumberland Association of Realtors® Corporation is compiled from miscellaneous sources and neither the Upper Cumberland Association of Realtors® Corporation, nor the Listing Broker, nor its Agents or Subagents are responsible for the accuracy of the information. The information provided by the Upper Cumberland Association of Realtors® Corporation is for its Participants, Participants\' Associates and Subscribers only and is not intended for usage by the public. Under no circumstances should the information contained herein be relied upon by any person in making a decision to purchase any of the described properties. Multi-List users should be advised and should advise prospective purchasers to verify all information in regard to the property by their own independent investigation and, in particular, to verify, if important to them, room sizes, the square footage, lot size, property boundaries, age of structures, school district, flood insurance, zoning, restrictions and easements, fixtures or personal property excluded, and availability of water and sewer prior to submitting an offer to purchase the property.