Thursday, June 13, 2019 / by Andy Mandel
When we go to look at a home and give a seller a price, we take our time to do our due diligence and look at all the recent comparable sales. This ensures we’re comparing apples to apples and the homes we’re using are as identical to yours as possible.
We look back at the numbers within the last three to six months, specifically the closed sales figures. This is what the appraiser will see, so you want to make sure you’re pricing the home for what it's worth.
Next, we’ll look at pending sales because that’s a key indicator of where the market is headed. For example, if all the homes are selling for $400,000 but there are a bunch of pending sales at $415,000, that could be an indicator that the market is trending slightly upward.
Then we’re going to look at the active sales in your neighborhood, aka the competition that’s on the market right now. When buyers are coming into your house, there’s a very good chance that they’re also looking at all the other active sales in your neighborhood. I recommend pricing at the lower end of the active sales as long as they are in line with what has been closed. This will ensure that yours is the next property to sell, and buyers will immediately recognize your value.
Pricing a home is difficult, so you want to be sure you’re looking at all the data and interpreting it correctly. If you have any questions for us or need help figuring out what exactly your home is worth, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.