Understanding Comparable Denver Sales to Finding Your Listing Price
Selling your home is a very large task to take on; filled with many ups and downs, one of the most difficult parts of the process is determining your list price. You want to set a price that fits easily into the current market and commands the best price for your home. But how do you go about that? These four tips below will help you to create a list of comparable Denver sales so you will be able to accurately compare your home with the current market and determine what listing price is best.
Find Open Houses
The first step is to get online and look for homes in your zip code that are similar to yours and also “for sale” or have sold in the last three months. Look at the prices of homes that are most like yours to get a range of what your home could bring. From there, make a list of homes that are like yours and have upcoming open houses that you could attend. This will give you a chance to take a look at the property as if you were the buyer and compare it to your own home. What does this home have that yours doesn’t? Or what does your home have that this one lacks?
What to Compare
There are several factors you need to keep in mind when you are coming up with comparable Denver sales.
- Location: Does my home sit on a quiet part of the street? Is there a view? What school district is it in? Is it close to the highway? These are all things that a buyer will be looking at, so you should be looking at these same things in comparison to other homes.
- Lot Size: How big is the lot? Only compare this with homes that are within 0.5 acres of your lot size.
- Condition and Age: How old is your home in comparison to ones like it? What condition is it in? Does my home need a lot of work?
- Number of Bedrooms and Baths: Look at how many bedrooms and bathrooms your home has and where they are located in comparison to ones like it.
- Amenities: Lastly, does your home offer any extra perks that other homes don’t have? Some of these can bring a much higher price.
Sale Price as an Estimate
Remember that the sale price, often times, will give you a better estimate as to a home’s actual value than the list price. Look at recently sold homes and compare their original listing price to what the final sale price was. This will give you a fair estimate as to what your home could bring at sale, helping you determine where your price should be.
Know What Not to Do
You should be sure to have a well-rounded perspective of your neighborhood. This means you should also observe what homes are not selling and find out why. It could be that they are asking too much, or neglected minor repair work. Whatever the case may be, you should be sure to know what doesn’t work in your current market in order to ensure that you do not make the same mistakes.
In the end, the biggest piece of advice when it comes to figuring out your list price is to do your homework on comparable Denver sales. Do as much research as you can about the area, similar homes, current asking prices, and recent sale prices. The more you know the more likely you are to set the perfect price and have a successful sale that won’t leave you wishing you had asked for more.