In order for your Realtor to establish an accurate valuation in which to list your home, he/she analyzes comparable data—the sales price of neighboring and similar homes that have recently sold.
However, in addition to comps, other factors enter into the equation and they affect how your home compares to neighboring homes.
Location within the neighborhood
Your home’s lot
If your lot has an odd configuration, or the backyard is chopped off and doesn’t have much useable space, it will bring your price down.
Neighboring homes that have recently been updated will get a higher price than those homes that have not been updated. In this case, you can make home renovations that will boost your home’s sales price OR sell your home as-is for a lower price.
If your neighborhood area has several subdivisions under construction, this will definitely affect the market value of your home since you will be selling in direct competition with new housing. If builders are offering new construction incentives, buyers may find it less expensive to buy new than purchase an existing home. Your Realtor will pull comps from local builders to show the possible impact on your home’s value.
The difference between listing price and sales price
Many sellers will go online to see listing prices for other homes on the market in their neighborhood and ask their agent to price their home accordingly. It’s important to know that listing price is not an accurate measure of any home’s value. The SELLING price is what counts, and that’s what your agent will analyze for an accurate listing price for your home.
Other points that will affect how your house measures up price-wise in your neighborhood are:
- The style of your home. Is it similar to others in the neighborhood and a popular design that appeals to the average buyer?
- What price range are adjoining subdivisions? If there is a significant price difference, either higher or lower, it will impact your valuation.
- Your neighbor’s home—is it one of those occasional eye-sores on your street? If the yard is unkempt or the house is in poor repair, you can believe it will affect the value of your home and likely make it more difficult to sell.
When Laura Van Meter prepares a market valuation for you, she will deliver the BEST price in which to list your home, and she’ll back up her findings with comparable data. She’ll also take into consideration any of the above factors that may apply to your home. Her record of sold listings, as well as recommendations from previous clients, means you can be confident that she is placing your home on the market at the BEST possible price. If you or someone you know is thinking of selling their home, call Laura at 682.551.0336. Let a true professional go to work for YOU!