How to Use Comparable Sales to Price Your Home in Champaign / Urbana
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for in Champaign / Urbana gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.
What makes a good comparable sale?
The ideal comparable sale is a home that is almost the same as your house in the same subdivision. But that kind of scenario isn’t as common. Here are other factors to consider:
The closer you can come to finding a house that’s near you the better, but not just any house will do. The best kind is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.
Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.
Amenities and upgrades:
How many upgrades does the comp have? Does it have the same amenities as your home, such as AC, a deck, or a pool? Does the community it’s in have similar amenities?
Date of sale:
Home values fluctuate, so you can’t use a value from a year ago. In fact, most lenders say that comparable sales can be no older than 90 days.
Agents can help adjust price based on insider knowledge
Of course, it’s very difficult to find an exact clone of your home and neighborhood in most cases. That’s where the expert advice of your agent comes in. An experienced real estate agent will examine the differences between your home and comps to adjust the value to match your specific home.
Your agent has certainly been in a lot of homes in your neighborhood, so they know all sorts of details about the comps in the area. They can also read comments in the MLS (multiple listing service) about the property from other real estate agents in Champaign / Urbana.
More ways to pick a home listing price
Still can’t find a listing price for your home? Your real estate agent will give you an honest answer about your home’s value by comparing it to others on the market.
So you have to rely on your real estate agent’s knowledge of the local market to use a short sale as a comparable sale.
Find out how much your home is worth in Champaign / Urbana now! Check back on our blog every week for more great reasons to call Champaign / Urbana home. Make sure to check out our property search feature to find the perfect home in Champaign / Urbana. And be sure to follow us on Facebook!
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