When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There?s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.
1.) Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
2.) Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It?s best to use the most recent sales data available.
3.) Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
4.) Features and upgrades: Remodeled bathrooms and kitchens can raise a home?s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
5.) Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they?d receive from a more typical sale. These homes are not as useful for comparisons.
Call Leah to learn how we make the home finding process easy.
Call Now for a free home matching consultation.