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Home Pricing: How low can you go?
by Staff
Pricing your home accurately when you first list it is the best way to get top dollar on your house. How much do you know about setting the price and when it might be time to lower it?

The real estate term CMA refers to what?

  • Country Music Awards
  • Christian Motorcyclist Association
  • County Municipal Assessment
  • Competitive Market Analysis

Which of the following data would an online home value calculator most likely NOT take into account?

  • number of beds and baths
  • prices of recent sales in your neighborhood
  • proximity to a freeway
  • square footage

Which of the following is one advantage of getting your house appraised before listing it for sale?

  • An appraiser will offer a CMA.
  • An appraiser will offer a nonbiased value.
  • An appraisal is free.
  • An appraisal locks in an agent's asking price.

Which of the following is most likely to allow a higher selling price?

  • suggesting a buyer explore subprime mortgages
  • offering remodeling suggestions
  • offering seller financing
  • requiring an appraisal

Which of the following is NOT a potential advantage of underpricing your home?

  • a bidding war
  • a quick sale
  • increased interest
  • avoiding mortgage insurance

Which of the following is an indicator that you might be better off fixing up your house rather than reducing the price?

  • a lot of walk-throughs but no bids
  • a lot of walk-throughs and a lot of bids
  • few walk-throughs and no bids
  • few walk-throughs and a lot of bids

The acronym DOM refers to what?

  • Days on Market
  • Date of Matriculation
  • Deed of Mission
  • Days Over Months

Which of the following should you take into account when calculating your asking price?

  • CMAs
  • online calculators
  • an appraisal
  • all of the above

When lowering the price of your home, what is the minimum price reduction that most experts recommend?

  • $1,000
  • $3,000
  • $5,000
  • $10,000

What is the best way to encourage a bidding war?

  • underpricing your home
  • overpricing your home
  • creating a Facebook page
  • making friends with your real estate agent