There is less guesswork than you might think about establishing an on-target listing price for your North Georgia Mountain Home or Cabin. There is really very little guessing at all:
Comps and CMAs
When you hear your Realtor® refer to ‘the comps,’ you probably think of them as the printouts of the Ellijay and Blue Ridge GA real estate listings which are comparable to your own property. More comprehensively, a CMA, or Comparative Market Analysis, also includes a broad look at pending and completed sales, as well as withdrawn listings. That analysis will also include and account for differentiating factors, such as upgrades you have made to the home, location, mountain views, creek or river frontage, and other features that make your North Georgia Mountain Home unique. Pricing your home or cabin correctly is the single most important factor in a successful listing. Don’t get me wrong, great marketing really helps, however placing the right price on a new listing completes 80% of a successful marketing campaign right from the start.
Market conditions will also play a strong role in developing a real estate listing price that’s likely to attract serious buyers. If conditions indicate a seller’s market, it means that there aren’t many homes available for sale. Contrarily, if it is a buyer’s market, recent trends show that numerous homes are available for sale, but buyers are in short supply. Other factors can come into play. If an area has become economically depressed, for instance, pricing a home on the higher end of the standard is more likely to result in a higher DOM (days on market). Let me give you an example. Here in the North Georgia Mountains and especially Blue Ridge GA, new construction homes for sale are beginning to dominate the market again. However they are in short supply creating a seller’s market in this niche. As a result, these new cabins for sale in Blue Ridge are selling on average at 98% of list price, and staying on the market less than 2 months.
Getting an appraisal is helpful in nailing down an acceptable real estate listing price. The extra expense provides a highly educated estimate for what today’s market will bear (and also valuable preparation for you are likely to hear when you enter into serious negotiations). It’s also important to remember that the bank’s loan approval will hinge on whether or not the selling price is in excess of the appraised value of the home.
One of the major benefits of working with a Blairsville Georgia Realtor® when developing the real estate listing price for your home is the degree of expertise we bring to the process of setting an advantageous listing price. My own years of experience and knowledge of the Blue Ridge and Blairsville Georgia market is invaluable when it comes to setting a fair price that spurs buyers to act quickly. Call me today!
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