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.
Pricing a home can be tricky and there are many other factors such as community benefits and amenities, fees, distance to the beach, shopping, schools, hospitals, or places of interest. We prefer to have an appraisal first before pricing a home so that a loan can be obtained if needed and that there is a solid number from the start that is supported by trends in the market.
Also, review with your agent any contracts and forms that are needed or may be used prior to closing- including as-is contracts, lead, radon, mold disclosures, inspections, financing information, net sheets, title costs, fees, etc.
If you have questions- ask! www.EXPPlatinumProperties.com or call our concierge at 252-331-9474 for more information! Our Platinum Team is ready to help!
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