A couple of posts ago, I spoke about finding out if you are in a Buyer’s Market or a Seller’s Market. I had positive responses to that, so I thought I would go into other indicators for pricing your house for sale. The prime one that people know is comparable sales. Meaning houses that are very similar to yours that have sold recently. Here are the primary criteria that I use:
- Within one-half mile of the subject property
- Within 100 square feet of the subject property
- Number of Bedrooms/Bathrooms
- Style of House (Ranch, Two Story, Etc)
- How long ago it Sold (up to 6 months preferably)
- Number of Garage Stalls
- Age Range from the subject property
From there, you can go deeper. You could look at is it a brick house or does it have siding. You could look at size of the lot. You could look at basement finished square footage.
All of these are ideal. In order to find enough comparables, sometimes you need to extend. Where I tend to primarily extend is up to a mile from the subject property, and up to 200 square feet from the subject property.
When you can find enough comparables to get some solid data, you are at a very good starting point for pricing the house. After that, you can look at what type of market you are in, what is your current competition, how quickly are your competitors and comparables selling, and much more.
Knowing how to price your property correctly helps me get your home sold faster, for more money, and with you in more control. By that I mean, who has a stronger negotiating position: the person whose house sells in days, or the person whose house sells in months?
If you want to be in the best position possible when selling, or you know someone who does, contact me.
~ Ryan Lynch
