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.
- 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.
- Date of sale: It varies by location, but the housing markets can see a ton of fluctuation in a short time period. It’s best to use the most recent sales, pending and active listings available.
- Home build: Look for similar homes, number of bedrooms and bathrooms, square footage and other basic information.
- Features and upgrades: Remodeled kitchens and bathrooms can raise a home’s value, as well as upgrades like a new roof or HVAC system.
- 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.
Make sure to contact a professional in the industry to ensure that you have the best information for pricing your home. Our team proudly serves the Greater Phoenix Area Real Estate needs.