Comparables – How to Evaluate One House Against Another

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When you are selling a home, determining your listing price is often as difficult as getting the home ready to put on the market. If you price your home too high, it will take a long time to sell; if you price it too low, you will be missing out on profit. So how do you find the correct price for your home, so you can make the most money in the shortest amount of time?

The key to determining your home’s selling price is looking at comparables. This involves researching homes that have recently sold in your area, and properties that have sold in similar neighborhoods.

First, you’ll need to find recently sold homes with characteristics similar to yours. The square footage of the home is important, and is one of the first things most buyers look at when considering a purchase. Search for homes that are as close as possible to the size of your home – ideally within 100 square feet.

You will also need to compare the number of bedrooms and bathrooms in your home with those of recently sold properties. The size of these rooms is as important as the number; a home with a large master bedroom will naturally sell for more than a similar home with average sized bedrooms.

There are also less obvious characteristics that you should compare. Decks, fireplaces, garden tubs, and other features affect the selling price, so if your home contains these features, it will bring a higher price than an otherwise comparable home.

Another characteristic that is often overlooked is the exterior of your home. The property’s value will be partially determined by whether the exterior is stucco, brick, aluminum, or vinyl. Also, consider the condition of the roof. If your home’s roof has been recently replaced, you can justify a price higher than a comparable home with a ten year old roof.

Finally, consider the area around your home. Is the property near a park, school, or playground? All of these nearby features will place your home above other comparable homes in the area. Just make sure you highlight your home’s proximity to them when marketing your home for sale to prospective buyers.

If you would like to have an honest evaluation of your home, contact Mark Lackey with Atlanta Housing Source Team at 404.886.8789 or fill out this simple form.

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