There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area.
When you put your home up for sale, one of the first things Farnan Real Estate will do 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 Farnan Real Estate will 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.
If you’re considering selling your home and need guidance on how to price it and get it to market, Farnan Real Estate is here to help. From questions on staging and closing to home inspections and what repairs are required to sell, Farnan Real Estate offers clients over 25-years of real estate and client services experience, all with the indelible backing of Patterson-Schwartz, Delaware's largest independent REALTOR® and leader in the Mid-Atlantic region. The Farnan team is prepared to guide you through the buying/selling process, connect you with trusted partners and aim to reducing the levels of stress that typically come with buying and selling a home. Contact us today to get started.