A year ago, pricing a home was easier. Agents simply looked down the street at what your neighbor’s home sold for, then added a few percent. It would sell quickly with multiple offers. Now, the pricing landscape is more confused. The house down the street that sold seven months ago might not get as much today. Or might get more.
So how do we estimate your home’s price in a changing market? Here’s a short summary of our process: ● We gather data from similar nearby homes that sold in the past 6 months. ● We make adjustments up and down based on the size, condition, features, and esoteric factors, like obsolescence, view, traffic noise, etc. We also listen to you. You live in the community, so you might know other desirable factors that we’re not aware of.
In 2023, our biggest challenge is a lack of comparable homes that have sold in the last 6 months. We may need to look for similar homes that are farther away, then add or remove value based on location factors. We will also calculate a drop or rise in the value of nearby sales that are not exactly comparable and apply that same percentage of change to your home. In other words, we’ll use multiple methods for best results.
Ultimately, the price we come up with must bring offers, but also make sense to an appraiser who will be approving the buyer’s loan. Need a price estimate to make selling plans? Call me to get an updated estimate of your home’s value. (718) 399-3320