Motivated sellers in today’s real estate market need to be more flexible than ever when pricing their home. With high inventory, longer turnaround times, and home sale prices dropping faster than you can say FORECLOSURE - keeping informed on comp home values is an important strategy in pricing your home to meet today’s market demands.
What can be considered a comparable value home?
These are homes that have recently sold in your neighborhood or are located as close to your home as possible. Typically they possess similar features to your home, such as the time when the home was built, upkeep of the home’s exterior, square footage and lot size, landscaping, curb appeal, and nearby amenities. Looking at recent home sales from from 3-8 months ago are good ones to start with.
What is the Importance of Analyzing Comp Values?
The price that other homes in your area sold for will be the most important indicator of what your home can sell for. If your price appears too high compared to others in your area, it will take longer to sell your home, while you give your lower-priced competition an extra edge in selling theirs. Plus a home sitting on the market for too long decreases buyer’s confidence, making them think there is something wrong with it.
If you’ve already found somewhere else to live, or are selling because you want to downsize, than making your extra mortgage payments can be a large financial burden. In the worst-case-scenario, if you are selling because you can’t afford your current home, then your desire to sell could turn into a foreclosure, and nobody wants that.
How Can I Compare Comp Values in my Neighborhood?
http://nbc5.public-record.com/realestate is one of the many Web pages hosted by Record Information Services that lets you search for Recent Home Sales by zip code, address, price of home, last name, community, and property type. You can view information for Cook County and its eight collar counties. Records go back historically up to five years, and new real estate transactions are updated weekly.
Doing a little homework and setting your home price correctly the first time will help you sell your house faster and for more money.
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