How do you price your home in today’s shifting market? Stay tuned.

If you’re putting your home on the market today, it’s really important to price the home properly. I’m Scott Himelstein with the Scott Himelstein Group. Welcome back to our vlog. Today I want to dive deep into how important it is to price your home correctly.

So in today’s market that has shifted as we know, it’s so important to price your home correctly and properly. You know you’ve really gotta work with an agent who’s going to dig deep into what’s happening into your local market, who is going to get into what’s happening as well as the comparable home sales in that area. One of the things that I’m starting to look at too is not just what’s actually sold, but actually I want to see what hasn’t sold, what didn’t sell as of yet. So we’re starting to look at the homes that either canceled, were taken off the market or expired; which means they did not successfully sell because that’s going to tell me a lot too.

That’s going to show me that if at that price that home did not sell, that is almost as valuable as knowing what the homes did sell for. So we’re expanding the way that we are comping out homes and comping again is kind of the realtor jargon. When we say, “We comped your home.” That means we looked at what did comparable homes sell for in your area to determine what we would recommend you price your home at.

So anytime you hear an agent say, “We comped it.” This is what the comps say. Understand, this is what they are trying to get is what they think your home would sell for based on the comparable, but now in this shifting market, and how everything has changed so rapidly, a home that may be closed 30 to 45 days ago. Remember, that’s a home that went into Escrow 50, 65 or 75 days ago. That’s almost a completely different market than what you’re looking at today.

That’s why it’s really important when you’re looking at comparable homes to make sure you include active homes, and homes that did not sell to make sure you have a true understanding of what’s going on in the market.

Any real estate questions, shoot me a DM. You can text me out this number or give me a call (818) 396-3311. That’s (818) 396-3311. Thanks for watching our vlog.