The price is the most important factor in getting your Montana home sold, especially with other underlying economic factors affecting consumer confidence.  This is the single most important thing you can do to ensure you achieve your goal in a timely fashion. You need to know the most recent comparable properties that have sold in your area. A home that sold even a few months ago may not sell for the same amount of money today. Our market is not as low as some area’s but it is in a decline. Values of homes in our area have dropped 4% over the last year.

Recognize that housing markets are local. Home prices are like the weather-very different in different areas. The following statistics are important when you are setting a price for your home. You need to know this information in order to price your home correctly.

Currently residential property in Butte is averaging 128 days to closing. Median priced homes listed in Butte, $144,775 and the median price home sold is $98,500. Currently there are 263 listing in the Butte area. (This information is taken from the Butte Board of Realtors Multi-Listing Service and is deemed to be correct, but not guaranteed.)

It is always best to use the most recent sales. When none are available a good Real Estate agent should be able to factor in an appropriate price adjustment based upon the difference in time when the comparable property sold.

In a perfect world, you would sell your home for the most amount of money in the least amount of time. That doesn’t happen very often – and pricing your home too high could cost you money in the long run. In almost any market, the homes that sell the fastest and for the most money are those that are priced closest to what a reasonable buyer would expect to pay at that time.

This is a sensitive issue for most people, because we tend to get emotionally involved with our homes.  Many people think of their homes as an extension of themselves and their lives.  This is partially true, because our homes are the places where some of the most important events of our lives occur:  the baby’s first steps, holidays and time with family, cooking and family meals.

While this attitude is understandable, when it comes time to sell your home, it’s necessary to take a different view.  A home sale is a business transaction.  Your home, which you value so highly, and may even still somehow see as “basically new,” will not be seen as such to potential buyers who are looking for a home in excellent condition, in a good location at a reasonable price.

That is why you absolutely must know your competition and understand how key factors play into your pricing decision.