How you can properly price a home in today's shifting market.
How should you price a listing in this market? The market is changing, so you can’t operate based on yesterday’s logic. Today I want to run through some simple tips to help you price a home so that your listing will sell quickly and for the right amount.
The first thing I look at when determining price is location. The density of the area will determine how far away you look for comparables. I might only look at a quarter-mile radius for a tightly-packed urban area, but I’ll go as wide as a three-mile radius for a scarce rural property. In general, start small and go farther away if you need more data.
Next, look at the age of the homes you’re using as comparables. You should only look at homes that are, at most, 10 years older or newer than your listing. Anything outside of that range will be too dissimilar to compare.
The next thing I look at is square footage. Check for properties within 10% of the area of your listing. Then, consider discounts for repairs and poor condition. The state of the market will be the last thing you consider. Things are slowing down, so account for that in your price.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!