5 CRITERIA FOR PRICING A HOME

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

  1. Location: Homes in the same neighborhood typically 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 even better.
  2. Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
  3. Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
  4. Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
  5. Sale 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.

I strongly recommend using a Realtor to determine the best selling price for your home. The information they have at their fingertips on all of the above criteria as well as their ability to pre-screen a prospective buyer will save you a lot of time and effort.

When you are ready to look into financing, I stand ready to help you with every available program to meet your needs.

Author: Lester Bleich, NYS Licensed MLO, NMLS #152252

My name is Lester Bleich. I am a New York State Licensed Mortgage Loan Originator, NMLS #152252. As a mortgage finance specialist since 1987, I have been privileged to have helped well over 1000 homeowners with their home mortgage financing.

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