Why You'll Want Your Real Estate Agent to Explain the Selling Prices of Comparable Homes
In an ideal world, there will be several homes identical to yours that have sold in the last three months. And, all of these homes were on your street!
However, life isn't ideal and most times there won't be identical homes for you to compare.
You might have to compare your home with a similar home that sold 6 months ago. Or, maybe you'll have to look at a similar home sold in a nearby subdivision or community.
Guessing the fair market value of your home is not an exact science because you are measuring many different factors. For instance, when you look at comparable homes that sold recently, their selling prices reflect things such as:
•Supply and demand. Were there too many homes for sale or too few homes for sale? •How many buyers were in the market at the time of the sale?
•How soon did the seller have to sell? Was there enough time to get maximum market exposure?
•Was the local real estate market going up or down at the time of the sale?
•What was the physical condition of the home when it was sold? Was there termite damage? Bad carpeting and paint?
•Was this home on a busy street with poor access? All these factors will change the actual selling price of the home. So don't just look at the selling prices of these homes.
What is Your Home Worth?