5 Criteria For Pricing a Home

Posted: April 12, 2018 by Sue-Ann DiVito

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 block or street are even better.

  2. Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short period 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 homes 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 would receive from a more              typical sale. These homes are not as useful for comparisons.

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