There are many factors to consider when selling your Northern Virginia/South Carolina home.  What is the best way to stage my home to make the most impact?  What angle shows off this room best in photos?  How will my home be marketed?  Who do I hire as my real estate agent?  These are but a few of the questions you may be asking yourself.  When pricing your home to sell, though, it's time to play "good comp/bad comp".

You only get one chance to make a first impression.  This includes your Northern Virginia/South Carolina home's sales price.  Set it too low and you could be cheating yourself out of valuable profits.  Set it too high and you run the risk of turning away potential buyers before they even set foot in your home.  Studies show that a home that starts off with an asking price that is too high for the market ends up having to be reduced, often several times, before it actually gets sold.  The home ends up on the market for months and tends to sell for less than if it had been priced competitively to begin with. 

Real estate professionals use "comps" (comparable home sale prices) to help determine the best price point for your Northern Virginia/South Carolina home to maximize profits while minimizing its time on the market.  A good comp is a home similar in size (square footage of home and lot, bedrooms, bathrooms, garage, etc) and amenities (pool, granite countertops, hardwood floors, etc).  Don't use prices of homes that were sold more than 90 days ago because the market fluctuates and anything older than that can already be outdated.  Since values can vary significantly from neighborhood to neighborhood as well as city to city, make sure that your real estate agent pulls comps from homes located as close to yours as possible, preferably within the same block, if possible.

Another good comp your agent can get you is a list of homes currently for sale in your area.  See how much other Northern Virginia/South Carolina homeowners are asking for their properties.  Find out how long these homes have been on the market and if they have been reduced at all in that amount of time.  This can be valuable information.

Finally, one of the best "comps" you can get on your Northern Virginia/South Carolina home is from your real estate professional.  They have been out there in the trenches day in and day out.  They have an up close and personal knowledge of what's going on in the local real estate market.  You would be smart to listen to their advice.  Remember that they want to see that your home sale is a success almost as much as you do.

When pricing your Northern Virginia/South Carolina home to sell, play "good comp/bad comp".  Using the prices of homes recently sold in your area, what homeowners are currently asking for their homes around you and what your real estate agent recommends you price your home at will help determine if you sell your home in the next few weeks or wait for months.  Let me know when you're ready to get your Northern Virginia/South Carolina home on the market.

Gene Mock, your Northern Virginia, South Carolina and Washington DC real estate specialist

Originally posted on my Northern Virginia Homes blog here: http://northernvirginiahomes.net/2012/01/26/play-good-compbad-comp-when-pricing-a-home/.