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 a pricing decision is often dependent on comparisons to recent sales in the area. The following five considerations we consider when determining a list price begin with the number one factor, Location.
You've heard it said before...location, location, location. That is why it is important to look at recent home sales in the area of the home you are trying to price. When I say recent, I'm saying start with sales within the past thirty days and work back from there to find at least three comparables.
Secondly, I mentioned go back thirty days and that is to get the most recent trend in sales price for the area. While pricing may not fluctuate by too many points, the number of buyers for any particular area may so if you are in a hot market look at homes that have sold in the area while it was a hot market.
Thirdly, look at the style of home and look for comparables that are similar in style. If necessary you can give or add a lilttle if there are fewer bedrooms or bath. It is more important to compare style like colonial to colonial, ranch to ranch, and so on. Buyers will settle usually on a style they like so the price needs to be competivie for that style in that area.
Fourth, look at the features and benefits. Homes that are updated and have a newer feel will command a higher price than ones with a worn out kitchen or bath or faded walls, unkept flooring, and wanting woodwork. Appliances are also a consideration if the home is still sporting the harvest gold or green from the seventies or eighties. Check out light fixtures and little changes that will make big differences.
Fifth and Final, our area is still experiencing the aftermath of the housing bubble burst. Foreclosures, shortsales, and HUD homes are still very prevelant in some areas and should not be used as a comparison. It is good practice to be aware of any distressed properties because no doubt there will be a buyer or two who will try to make the comparison. Don't do it.
For a recent market analysis whether you are planning to move this year or next, give me a call at 315.289.3996.