I'm working with a client who's getting ready to put their house on the market. So how do I recommend a price?
The first step in the process is to determine what the market value of their home is in the current market. How do I do that? Its not magic but its not totally scientific either. You have to look at similar home sales. In the real estate business similar home sales are called "comps" or comparable sales.
This client lives in a popular historic neighborhood in Beaumont, Calder Terrace.
This chart shows the average, high and low cost per square foot of the three homes that have sold in the past six months. This is a starting point in determining the current market value.
*There was a cash sale for $1,400,000 that is not included in this data. There have been three sales. Keep in mind Calder Terrace is a relatively small neighborhood so to have three sales in six months isn't a sign of trouble as it could be in a larger neighborhood. With this information: the high sale, low sale and average sale we can start to determine what the right price for a home is.
That leads to step two, what is the home's condition? That's a discussion for another day.
If you are curious about home sales in your neighborhood, contact me. You can reach me on the blog or my cell. Call or text. I'll be happy to give you a professional market analysis to help you know what your home is worth in the current market.