5 Criteria for Pricing a Home Right

Selling

When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales.  There's rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area.  Here are five criteria to look for in a sales comparison.

1. Location: Homes in the same neighborhood typically follow the same market trends.  Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.

2. Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period.  It's bet to use the most recent sales data available.

3. Home build: Look for homes with similar architectural styles, number of bathrooms and bedrooms, square footage and other basics.

4. Features and upgrades: Remodled bathrooms and kitchens can raise a home's price, and so can less flashy upgrades like a new roof or HVAC system.  Be sure to look for similar bells and whistles.

5. Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they'd receive from a more typical sale.  These homes are not as useful for comparisons.