Understanding Comparable Sales
Forget about the home staging, finding a perfect real estate agent and home renovations ahead of your sale. Comparing your home with similar properties in the area is the right way to determine the correct list price. If you under-price a unit, you will miss out on equity and cash; if you overprice, your home will overstay in the market. That leaves you with only one way to find out the actual value of the homes for sale in Markham. Using comparable.
Compare Apples with Apples
There are high chances that your home is not similar to the other homes in the block in any way. Peruse through the comparable homes and identify one that looks almost like yours. As you compare, take note of the following details;
· Age and condition
· Square footage
· Number of bedrooms and bathrooms
· Amenities
· Condition
· Location
· Lot size
Avoid Comps from too far back
The price of homes for sale in Markham today cannot be compared to the selling price of the neighboring identical units sold six months ago. Do not use comps from more than three months ago. Your home is most likely worth more. In places where properties are fast-moving, use 60 days comps as the last comp.
Know your competition
There are plenty of homes for sale in Markham. Ask your real estate agent about homes being in your neighborhood that you should drop by or any open houses you should go to. Doing this will help you know what is out there. Check how your home compares against the competition.
Understand List and sale prices
The difference between the list and sale price shows the real estate climate in your region. This number is an indicator and an influence of how much you should ask and accept for your property.
Selling homes is a profitable and enjoyable business only if you know how to do it. Comps are a handy tool that most people use to range where their property is and how much they can make of it.