finance

Transcript: Pricing your home

Anchor intro: Spring is the time of year when the weather begins to change ... and many homeowners begin to think about changing homes. If you're going to be selling a home this season, here's some advice on pricing from Bankrate.com.

Voice over 1: Depending on where you live, homes may be sitting unsold on the market, and prices may be falling. A tough time to sell a house ... or even determine how much to ask.

Voice over 2: So how do you determine price? There's no shortage of free Web sites that claim to know your value.

Voice over 3: If you hire a real estate professional, you'll also get a free report of comparable homes recently sold in your neighborhood. It's called a Comparative Market Analysis, or CMA.

Voice over 4: For a few hundred dollars, you can even get a licensed appraiser to evaluate your home and determine a value.

Voice over 5: But there's a problem with all these methods: They all rely on old information ... and if the market is falling, it may not reflect reality.

SOT: "What you really need to do is find out what the trends are. How many homes are on the market in your neighborhood? How long have they been on the market for? How long does it take one of these homes to sell? And what is the difference between asking price and sales price?"

Voice over 6: In other words, if prices are falling or homes are sitting, old information isn't good enough. You have to put a price on your home that reflects reality and attracts buyers.

SOT: "Why not start at a drama price, at a sales price that's going to entice buyers from the get-go. You'll be the first one to sell in your neighborhood and you will win from there."

If you have to sell in a falling market, study current trends. Forget old values, recognize current values, and price lower than others in your market. For Bankrate.com, I'm Kristin Arnold.

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