Serving Santa Rosa, Escambia, & Okaloosa Counties

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Setting a Selling Price for My Home: Where Do I Start?

First-time home sellers often have a lot to learn when putting their homes on the market. Unless they have been previously involved in real estate in a different capacity, they are entering uncharted territory. Setting a selling price is often one of the most dreaded tasks, because those new to selling homes do not know where to begin.

If you are going through a real estate agent, he or she can help you with setting a price. An experienced agent knows what factors affect the price your home has the potential to bring. She will also know how to set the asking price to your advantage and help you get the most money possible.

When selecting a realtor, it is a good idea to choose someone local. Real estate markets vary greatly from city to city, and even neighborhood to neighborhood. A local agent will be more familiar with the area's market trends than someone who is far away. That means she can more easily determine how much your home has the potential to sell for and help you set the asking price accordingly.

If you choose not to go through an agent, you will need to do some research of the local market before setting an asking price for your home. There are many factors that can affect the price your home will sell for. Reviewing past and present listings can help you price your home to sell.

Listings that have closed recently are one of the best sources of information. Looking at homes that are similar in size, age, and acreage to yours can give you a good idea of what your home could bring. It's also important to consider the area the home in question was in. The best comparisons are those with homes within a half-mile radius of yours.

Pending listings can also be valuable if you can find out the sales price. It never hurts to call the agent and ask. He may or may not tell you, but if he does it can be considered in the same manner as recently closed listings.

Active listings can give you a good idea of the asking prices of homes similar to yours. However, you have no indication of whether the home in question will actually sell for that price. Be sure to consider how long the listing has been on the market. If it has been listed for a long time, they might have the price set too high. Their mistakes can show you what not to do.

Once you have determined what prices homes similar to yours have been selling for, you will want to look at the state of the real estate market. In a seller's market, there are more buyers than there are homes for sale. This allows sellers to get a higher price for their homes due to the high demand. A buyer's market is present when there are more homes for sale than potential buyers. That means that you will need to price competitively. In a balanced market, you can expect to get a price similar to that of other comparable homes that have recently sold.

Pricing your home can seem like a difficult task, but it doesn't have to be. An agent can help you determine the best asking price for your home if you choose to use one. If pricing your home on your own, looking at listings of similar homes can help you settle on an amount. As long as you don't price your home so high that buyers will not even consider it, there is always the opportunity for negotiation.

What Our Clients Say...

  • First time selling a home...Leslie is a wonderful agent to work with. This was my first time selling a home and I was apprehensive about it. She was very quick to respond to all my questions and help... View More..
    Erika Santiago

    First time selling a home...Leslie is a wonderful agent to work with. This was my first time selling a home and I was apprehensive about it. She was very quick to respond to all my questions and help me feel comfortable with the process. She has a very welcoming and friendly personality. I enjoyed working with Leslie so much that she is now helping me with a home purchase!
  • Buying my first house...Leslie went above and beyond to help me go about buying my first house. She was very friendly and was always quick to respond to questions I had. This being my first house, I... View More..
    Brian Simmons

    Buying my first house...Leslie went above and beyond to help me go about buying my first house. She was very friendly and was always quick to respond to questions I had. This being my first house, I had many. She went out of her way to make time to help me and I am pleased to tell everyone that is looking to buy or rent a home to contact her. Her friendly smile was contagious, and I will definitely use her again on my next house purchase.
  • Sold our home in 4 days...Leslie was such a joy to work with. She not only knows her stuff, but she is such a sweet person that wants what's best for her clients. She was always willing to drop... View More..
    Whitney Bennett

    Sold our home in 4 days...Leslie was such a joy to work with. She not only knows her stuff, but she is such a sweet person that wants what's best for her clients. She was always willing to drop anything to meet with and/or discuss things over the phone at anytime. She sold our home in 4 days, helped us find a new home, and we were able to have double closings just a few weeks later!
  • Cindy Cotton. I have been the beneficiary of the most incredible real estate firm. That would be Cotton Real Estate. I did not know them before I hired them to list my first home. After that they... View More..
    Constance Stoner

    Cindy Cotton. I have been the beneficiary of the most incredible real estate firm. That would be Cotton Real Estate. I did not know them before I hired them to list my first home. After that they were the ones we contracted with to sell our current home and purchase our next one. They have since sold that one for us and the purchase of the next one. We also bought some additional properties and of course, Cotton Real Estate is who we called. I have referred several people to Ms Cindy Cotton (mother and father-in-laws and good friends), who have had equally great service from them as we feel they are the BEST realtors that can be found. ANYWHERE. They are above board on their precision of the real estate market, will help you at every turn, are so educated about the contracts, what needs to be done, septic permits and inspections, the ever so awful qualifying and loans, and the quality and type of home that will work. I don't just recommend Cotton Real Estate to anyone looking to buy or sell, I would not use ANYONE else! Sincerely, Constance Stoner
  • Leslie was AWESOME! Leslie recently listed my home for rent and had it rented in 2 weeks. She was very responsive and would follow up with me to give me feedback on all showings which I greatly... View More..
    Paula Snow

    Leslie was AWESOME! Leslie recently listed my home for rent and had it rented in 2 weeks. She was very responsive and would follow up with me to give me feedback on all showings which I greatly appreciated because most property managers don't take the time to do this. Leslie found us a great tenant. She was wonderful to work with. We will definitely use her again. Thanks Leslie,
    Paula Snow
  • Excellent Work, Falen! Thank you for your excellent work on the sale of the Berryhill property and the acquisition of the Gulf Road house! Your advice was always well-informed. You made suggestions... View More..
    James & Linda Thompson

    Excellent Work, Falen! Thank you for your excellent work on the sale of the Berryhill property and the acquisition of the Gulf Road house! Your advice was always well-informed. You made suggestions which were useful. You pointed out items we had not considered. You were always professional while also being personable. You are an example for the real estate industry. Truly, Yours, James and Linda Thompson
  • Thank you Falen Haddy!
    My husband and I recently purchased a home in Pace , and Falen Haddy from cotton Real Estate was our realtor. She was amazing! She worked with us around... View More..
    Ashleigh Bowers

    Thank you Falen Haddy!
    My husband and I recently purchased a home in Pace , and Falen Haddy from cotton Real Estate was our realtor. She was amazing! She worked with us around our schedule to see as many homes as we wanted to see until we found THE one. I would recommend Falen and Cotton Real Estate to anyone and everyone!

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