Comparing Homes on the Market

Home Sale Prep Success

If you’re ready to sell your home and you want to sell it quickly or get a fair price for the house you’re getting ready to sell, then the best advice I can give you is this: Do your research!

Looking at comparable sales can help you develop a home selling strategy that will allow you to reach your goals. The best part is, you have access to all the information you need online – just like everyone else!

Back in the day, you had to go to a realtor to find out what had recently sold, how much it sold for, and why? Today everybody has access to all of this information online. There are no secrets. Buyers know this, and so do you.

Now, of course, if you have a pretty run-of-the-mill home, this process is pretty simple. But, if your house is super unique, it can be slightly more difficult. Even so, we’ll give you all of the basics for researching comparable homes.

Compare Homes Apples to Apples

The first thing you’ll want to do is take a look at recent “sold data” online. Consider homes sold in-and-around your neighborhood, or in close proximity. Try to look for sold homes that are similar to the house you’re getting ready to sell in style and condition.

Then, let’s say for example that your neighbor sold his home for however much, but you know yours is better. Great! Now tell me why yours is better. Consider things like:

  • How the kitchens compare
  • How the size of the bedrooms compare
  • If both bathrooms are updated
  • If they have a garage
  • If you have a garage
  • The finished square footage
  • If there's a basement and whether or not it’s finished
  • Whether or not the home is dated and how so

Get a feel for the condition of your home versus other homes and compare them apples to apples.

Follow this same process for homes that are under contract. We won't know what the final sold price is going to be, but we can still look at the last listed price when each home went under contract. Consider how your home stacks up with to each comparable pending home you see.

Finally, I want you to take a look at the active properties. Compared to your home, are they way better? Or are they not as good?

All of this information tells you what the current competition looks like, so if you were to put your home on the market today, those are options potential buyers would have to consider.

Put Yourself in the Buyer’s Shoes

After you’ve done all this research, take a moment to look at your home from the buyer’s perspective.

Forget about pricing strategy, forget where you want to end up and how much money you want to put in your pocket. What if you were a buyer looking for a house that was similar in price point or budget to what your home is going to be.

From the buyer’s perspective, how does your home stack up compared to the competition? What would you pay for your house?

Consider this as if you were a buyer today who had looked at all the same information that you’ve just gathered about comparable homes.

After that, you can begin to determine how much home prep work you’re willing-and-able to do based on where you want to be. Consider whether or not that prep work is worth it to you, or if it will bump you up into a new price range.

Then, to determine your pricing strategy, think about whether you want to list your home with an attractive price, or for fair value.

When you go into the home selling process with this mindset, it’s going to be much easier to compare and position your house most effectively based on your goals.

The Bottom Line

In all honesty, any Annapolis real estate agent can price your home and put it on the market for you, but that's not good enough. 

We have to get you in the market – in the game – because it doesn't do you any good if your house is just sitting there, listed “for sale” forever.

There’s a reason you want to sell your house, so let's talk about what that reason is and how we can get you there. Get started with a free market analysis to determine what your home is currently worth. Do your research, get your home listed, and get it sold with Caprika Realty.

 

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