The Details
In pricing, even the smallest details matter – finishes, appliances and improvements should always be factored into the total price of each listing. Once you determine how much your target buyer is likely to pay for the home, you can then add or subtract based on those details. For example, is a three-car garage worth $3,000 or $5,000 in a particular community?

“As part of the process that I use to determine pricing, I conduct research within the past three months on the better, more accurate comparable properties that have sold or are currently on the market,” Kerbis says.

“I consider many different factors, including the type of building (newer construction or vintage), type of construction and whether or not the building has a doorman, as well as interior features such as central air, fireplaces, laundry, garage, outdoor space and lack or presence of a view. For some properties, you can even take a price-per-square-foot approach.”

But Kerbis’ thorough analysis does not end there. She also takes into account what floor the property is on in the case of multifamily homes, or where it sits within a development.

“Is it an end unit? Is it a good design with a better-than-average floor plan? Is there something that makes this property special or unique?” Kerbis says. “For single-family homes, two-flats and vacant land, you definitely have to consider school districts, too. Sometimes I end up doing research within a particular school
district exclusively.”

Hibbs takes into account the “big” amenities, but does not neglect the small details, either. She considers how the home appears online and how the photos look, whether or not she needs to use a professional stager and whether or not the décor is too specific to sell at a certain price point.

“Potential buyers will eliminate homes according to the amenities they see online,” Hibbs says.  “For example, some people want hardwood floors and they will not sway from that. When the market was not that good, buyers did not get as caught up in these details, but they are being more specific now. Also, even if it is well priced for the market, if the home does not show well online, it will not attract much interest among potential buyers. A huge percentage of buyers look online prior to contacting an agent.”

CMAs are still the most reliable method to figure out what a home should be priced at to sell, but technology is catching up. LeapRE has developed a pricing tool, called the Price Coach Module (see our sidebar) designed to further help agents when determining a price for their clients, and hopefully more real estate tech companies will follow suit.