Friday, December 06, 2019 / by Pamela Glende
Many factors go into what a home is worth.
When running comps on homes we look at other similar homes that have sold recently. We focus on the neighborhood where the home is. We find homes similar in size, age, condition, bedrooms and bathrooms. We pay attention to whether the homes have been remodeled or updated. Have there been any improvements? We look at pending home sales and active listings. We pay attention to how many days they were on the market.
It’s imperative that we price your home at true market value. If we over price the home, it will sit on the market and that leads to price drops and home buyers feeling like there is something wrong with the home. They question why hasn’t it sold? These overpriced homes often net the seller less than market value in the end, costing the seller thousands.
A home that is priced correctly in the Spokane Real Estate Market will often net the seller more than market value because we are in a seller’s market. These homes often have multiple offers because of the high demand of home shoppers looking for a home. We have very little inventory currently. As we get closer to winter and the holidays are inventory is decreasing. Homes priced correctly in the Spokane Market sell quickly.
Don’t make the common mistake of thinking you can always lower the price later. The longer a home is on the market the lower the price it sells for. It’s also common for sellers to price their home slightly higher than what they want to get as their final sales price. These are mistakes you don’t want to make.
When looking at similar homes that have sold in your area. you’ll want to pay attention to the price they listed at and the actual sale price they sold for. You’ll also want to consider how many days were those homes on the market. What was the difference in list price compared to sales price? What was the condition of the home?
I’m Pam with Haven Real Estate Group in Spokane.
Thanks for reading and let me know if I can be of service for your real estate needs?