How to Determine the Price of a Home
One thing I get asked all the time:
Why are homes in the same neighborhood priced so differently?
Sadly, sometimes, it's user error. A seller took the bad advice to price high and "see what happens."
(Side note: Don't do that. It prolongs the process, frustrates buyers, and flat-out won't get you top dollar. Rant over.)
As a local agent, I can tell you that pricing a home can be a bit like putting together a puzzle. But once the pieces are there, everything comes together to reveal a home that's priced just as it should be for buyers AND sellers.
That said, here's how I determine the price of a home:
Step 1) Research Comparable Homes: I dig deep into recent sales of homes that are similar to the one you're interested in. Size, location, age, and condition are key factors I consider.
Step 2) Factor in Market Conditions: Is it a buyer's or seller's market? I analyze trends to see how they affect the demand and supply in the area.
Step 3) Adjust for Unique Features: A house isn't just four walls and a roof, right? I take into account special features, like a pool or an upgraded kitchen, that can make a difference in buyer attraction & price.
Step 4) Put it All Together: Using all this info, I create a Comparative Market Analysis (CMA) that helps me pinpoint the right price range for your home.
Now, here's the thing: pricing a home isn't an exact science.
There are lots of variables to consider, and it can be tricky to get it just right. That's why it's so important to work with an experienced agent who can help you avoid overpricing or underpricing your home.
If you're curious about what your home is worth or how much you can afford to spend on a new one, I'd love to chat with you — Reach out or drop a comment below, and I'll be in touch.