Your Home’s Price TagOctober 16, 2012
Pricing is about supply and demand, something that is part science of economics and part the art of the deal. Your Realtor® will start out with a Comparative Market Analysis, choosing homes in your area that are comparable in size, bedrooms, bathrooms and amenities. The list should contain homes no more than a half mile away and specific to your neighborhood. This is a standing rule, unless of course your property is in the country. Then you use the closest comparables in amenities and acreage.
The main things to compare besides bedrooms and bathrooms are square footage, amenities like fireplaces and pools, garages and the age of a home. You won’t get a fair market analysis if the house you’re marketing is being compared to other homes that are older, or say have a garage. Another thing to keep in mind is neighborhood division. Pay attention to physical barriers such as major streets, access to freeways and if there are multiple entries and exits to the neighborhoods. A good market analysis shows how competitive your house can be in today’s market, so consult your Realtor® and find out what your house is really worth!