Understanding How Homes Are Priced
Whether you plan on putting your home on the market soon, or you’re just interested in how much your property is worth from an investment perspective, it makes sense to know how homes are priced.
When a home goes on the market, there is an overwhelmingly high probability that it will sell for somewhere close to its market value.
So if a three bedroom, detached home in a neighborhood sold for “X” dollars, then you can expect a similar home down the street to sell for roughly the same price.
That’s why real estate agents look closely at recent home sales in your area, in order to advise clients on the best listing price!
Are there other factors that determine selling price?
There are many. Kitchen, bath & basement home improvements, special features such as private back yards, large decks, extra parking & the general attractiveness of your home, all play a role in the evaluation of value to potential buyers. If you are selling a condo there are unit improvements, special features such as a gym, party room or indoor pool as well as the general attractiveness of the collective properties which all help your realtor come up with an educated value for your home.
So whether its a house or a condo, understanding the comparable sold benchmarks may ultimately help you price your property in such a way that you sell your home more quickly…
Keni-Lynn Bouvier is a licenced realtor & a certified stager!
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