5 Criteria for Pricing a Home

With the recent economic chaos facing the country in the aftermath of COVID-19, many of ya'll may be looking to sell your home. If that is the case, here are some things to consider. 

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 other 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 fluctuate a lot in a short time period. It‘s best to use the most recent sales data you can find.
3. Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other things like that.
4. Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can other upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles, so to speak.
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. Because of that these homes are not as useful for comparisons. 

As a licensed Realtor, I'm available to answer questions or concerns any of ya'll may have in looking to sell your house/property. If there's anything I can do to help you out, please don't hesitate to reach out. Ya'll know me. There's no such thing as a "dumb question" with me. Stay safe, and stay healthy. This coronavirus situation has changed a lot of things, but I know that it'll all look up again soon.