How much can you sell your home for?  Looking at comparable sales in your neighborhood is the best way to price your home to sell.

"The trick is finding sales that closely match yours." writes Carl Vogel on HouseLogic.com.  "Your best comparable sale is the same model as your house in the same subdivision."

Look at these factors when finding comparable homes to determine your sales price:

• Location: The closer the better! The ultimate comparable would be "a house in your neighborhood, your subdivision, on the same type of street as your house and in your school district." says Vogel.
• Home Style: Same construction, square footage, number of rooms, baths and basement and yard.
• Amenities and Upgrades: Updated kitchen? Baths? Full A/C? Compare community amenities such as pool, walking paths, etc.
• Date of Sale: Most lending programs won't use comparable sales older than 90 days.
• Sales Incentives: Look at incentives used during the purchase, such as down payment assistance or discounted closing costs. "You have to reduce the value of any comparable sale to account for (this)." says Vogel.

Your REALTOR® will help you adjust your price to sell it fast by evaluating the differences.  "This is one of the many ways real estate agents add value." reminds Vogel. "Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally)."

Short Sales and Foreclosures- are these comparable? 

"A foreclosed home is usually in poor condition because owners who can't pay their mortgage can't afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home." says Vogel.

"Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they're divorcing, or their employer is moving them to Kansas."

Your REALTOR® can help you sort through these comparables because they know the local market.

Read the full article at HouseLogic.

Photo Source: DallasNews.com

Posted in Marketing, Seller Resources, Real Estate Market Conditions

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