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5 criteria for pricing a home

When you put your home for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria’s to look for in a sales comparison.

1. LOCATION: homes in the same neighborhood usually 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 better.

2. DATE OF SALE: it varies by location, but housing markets can see fluctuations in a short period of time so it’s best to use the most recent sales data available.

3. HOME BUILD: look for homes with similar architectural styles, numbers of bathrooms, bedrooms, square footage, and other basics.

4.FEAUTURES/UPGRADES: remodeled bathrooms and kitchens can raise a homes price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.

5. SALES 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.

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Jamie Lou

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