Are you thinking it’s time to upgrade to a new home? Maybe you need an extra bedroom or two, maybe you need more room for storage or maybe you and your five kids have just outgrown your 1200 square foot Albuquerque house. Perhaps you’ve seen some of the awesome deals out there on homes right now as well as the awesome interest rates available and you just don’t want to miss out.
Whatever your scenario is, one of the first things you’ll want to know when making your real estate plans is how much your current home is worth.
Pricing a home correctly is not as easy as it might seem, but getting the price right is crucial. Experienced real estate agents are professionals who have spent hundreds of hours learning how to price homes. If you are considering making a move you should consult with one of them. However, I realize you may not be ready to take that step yet, so read on to learn more about how to price your house.
First of all, remember that the value of your home is not determined by the list price of other homes that are on the market in your area. The value of your home is based upon recent sales of comparable properties. A comparable property is-
- Close in proximity. A good ‘comp’ should be less than a mile away from your house if you’re in the city, less than two miles if you’re in a more suburban location.
- Similar in size. A comp should be no more than 20% larger or smaller than your house.
- Similar in age. New homes typically sell for more than older homes.
- Similar in style. Brick homes and stucco homes can vary in price. So can one story homes and two story homes.
- Similar in upgrades and features. Houses with granite countertops sell for more than houses with laminate countertops. Homes with refrigerated air usually sell for more than swamp coolers. Lot size can make a big difference too.
It will be easy to price your Albuquerque home if you can find several recent comparable sales. Pricing homes that are unique is much more difficult.
If you think it might be time for you to sell, use this link to request a home valuation.