A property listing price is NOT the cost of the home. It is the asking or advertised price.
A seller sets the listing price based on four primary factors:
- The recently last transacted prices of similar homes in the same location (also known, in the property industry, as comparable homes or comparables);
- The recently listed prices of comparable homes in the same location;
- The qualities of his or her home as compared with similar homes. If he thinks his home is worth more than the comparables, he will list his home at a higher price;
- How fast he or she needs to sell the home. In general, the faster he needs to sell the home, the closer the listing price will be to the comparables.
When you are ready to look for a home, we recommend that you engage a professional who has access to real-time information and technology that will help you find the Right Home at the Right Price.