We Buy Houses Philadelphia

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Determine Your Home’s Market Value

In a recent post I discussed five things regarding how to set the sales price of your home.  Today, I’ll discuss how to determine your home’s market value.  The best way to determine this is to know what similar homes in your neighborhood recently sold for. By recently sold for, I mean the last 3-6 months of home sales.  People in the real estate industry call these recent home sales comparables or comps.  

The way to determine comps is by asking a real estate agent that knows your area, going to your county website and looking at recent sales prices in your area, or going to a real estate website that will provide comps. There are free real estate websites out there but their data is not always accurate.

Once you have a list of recently sold homes:

  • Check the homes most similar to your own in terms of size and number of rooms.
  • Walk by and view the selected homes. Decide if the lots are bigger or smaller than your own. Is the general condition better or poorer than your house?  Is the kitchen and baths modern compared to your 1980s style kitchen and baths?
  • Set you asking price higher or lower than the selected homes based on your observations.
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March 29, 2011 - Posted by | Uncategorized | , , , , ,

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