5 THINGS TO CONSIDER BEFORE PRICING YOUR HOME

When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.

1. Location: Homes in the same neighborhood typically follow the same market trends. Pricing also differs depending where in the city the home is located and elements around it. For instance, if we look the NE quadrant of our city prices will be lower to the same size home in the NW or SW. Using data for similar homes in your neighborhood is a good start, but comparing it to homes on the same street or block is even better.

2. Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.

3. Home build: Look for homes with the same structure (attached or not attached) similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics such as garage or no garage etc.

4. Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system.

5. Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons so make sure the data you are using belongs to the sale type as your property.

To get a good idea of what is happening in your market, get in touch with a realtor. A realtor can give you a hyper local snap shot of what's going on in the micro-market you are in.

Shoot me a message if you are in Calgary and you want that realtor to be me.

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