5 Criteria for Pricing Your Home
By Jackie Ovad, Realtor – Jackie Ovad Group, Towson, MD
When you are considering selling your home, there are some improvements that can be on a budget and can help you sell your home for a higher price. When your home is on the market, these key budget friendly improvements will make you stand out from the other nearby homes in the market and therefore help you sell higher.
Your home value is directly impacted by different factors such as the market, your home condition, any improvements and location. One of the best ways to determine the listing price is to look at comparable sales and adjust them depending on improvements made. 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 best to use the most recent sales data available.
3. Home Build: Look for homes with similar architectural styles, numbers of bathrooms and
bedrooms, square footage, and other basics.
4. Features and upgrades: Remodeled 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.
If you are considering selling a home, contact us today! You can call/text 410-599-9305 or email us.
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