Thursday, May 11, 2017 / by Brian Ness
Before you put your home up for sale, understand how the right comparable sales help you and your agent find the perfect price.
How much can you sell your home for? Probably about as much as the neighbors got, as long as the neighbors sold their house in recent memory and their home was just like your home.
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.
What makes a good comparable sale?
Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:
Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street ...
Thursday, March 30, 2017 / by Clark Jones
Recently, I have been contacted by buyers who are interested in purchasing a home in Stewartville. They absolutely love the town, the sense of community, the local schools, the proximity to Rochester, proximity to the Mayo Clinic. outdoor opportunities,proximity to local shopiping and malls, etc. However when helping them search for homes, they have become increasingly frustrated with the lack of inventory there. This is true for the majority of the market in Southeast Minnesota but in Stewartville in particular.
So with this curiosity at my finger tips, I took the liberty to explore some statistics from our local MLS to learn more. To my surprise, I found the average days on the market there to have decreased 53% from this time a year ago. In addition, the average sales price has risen 115% in one year. What does this mean? It means people who live in Stewartville are reluctant to leave because of their love for the town. It al ...
Wednesday, March 15, 2017 / by Brian Ness
Interested in learning your home value? Use our home evaluation tool!
The key question most home sellers ask at the beginning of the home selling process is simple. How much is my home worth? Determining that value takes a comparison technique that matches up your home with others in your immediate area that have recently sold with similar amenities. Any real estate agent will first develop a market analysis for your home to provide that price and the evidence behind it. That evidence is not just to satisfy you, the seller, that a particular price is correct, but also to prove later in the process that the price was reached in a justifiable way and no one is over- or under-paying for a particular piece of real estate. However, if you are interested in selling your home, but need to know a potential selling point for making that decision, the power to do so is at your fingertips.With the increasing use of the internet to track home sales, you no longer need to wait for a real es ...