Pricing a Home
When you are trying to price your home to sell quickly and for the highest price, there are certain variables you must take into account. First, you must know what homes comparable to yours have sold for in the area. The tax records, Zillow, Trulia, and other websites that give an estimate of property value are often off by as much as 30 percent or more. Tax records are assessed based on the county with the purpose of generating tax revenue. They are often inflated or can be completely inaccurate in a rapidly changing market. For example, many homes throughout the dallas metroplex have increased more than 10 percent in price from the previous year and continue to escalate. As Texas is a non-disclosure state (a state where the sales prices of homes is not publicly available), the estimates on Zillow, Trulia, and other sites are not based on actual home sales and are often completely made up based on limited market knowledge.
Another thing to take into considersation when you are pricing a home is you can only compare homes in the same neighborhood. Though two neighborhoods may be adjacent, their values can be completely different. One subdivision may go to a lower rated school or have been built much earlier, while the other may have more desirable floor plans or better builds.
Once you have found other homes from your neighborhood to compare, you will have to choose the three to five homes most similar to your own. You would not price a 1500 square foot home based on what a 2400 square foot home sold for. Try to find properties as close in square footage, bedroom/bathroom number, and year built as is available. The condition of the homes is also important. There are certain upgrades that can add value while poorly maintained homes will be worth less.
Adjustmemts will have to be made to each comparable sale because no two homes are exactly the same. That is why your best resource for accurate information will always be a real estate professional. Real estate agents have access to a plethora of accurate data related to homes and previous home sales in a specific area due to our paid MLS access. We can pull up all the homes in an area that have sold within a specific number of days, what they sold for, what they were originally listed at, how long it took to sell, the price per square foot, and information on the property including square footage, bedrooms/bathrooms, and even the dimensions of specific rooms.
Interested in seeing what homes are available in your area? Click here for a detailed search of properties for sale in the Dallas-Fort Worth metroplex
Another thing to take into considersation when you are pricing a home is you can only compare homes in the same neighborhood. Though two neighborhoods may be adjacent, their values can be completely different. One subdivision may go to a lower rated school or have been built much earlier, while the other may have more desirable floor plans or better builds.
Once you have found other homes from your neighborhood to compare, you will have to choose the three to five homes most similar to your own. You would not price a 1500 square foot home based on what a 2400 square foot home sold for. Try to find properties as close in square footage, bedroom/bathroom number, and year built as is available. The condition of the homes is also important. There are certain upgrades that can add value while poorly maintained homes will be worth less.
Adjustmemts will have to be made to each comparable sale because no two homes are exactly the same. That is why your best resource for accurate information will always be a real estate professional. Real estate agents have access to a plethora of accurate data related to homes and previous home sales in a specific area due to our paid MLS access. We can pull up all the homes in an area that have sold within a specific number of days, what they sold for, what they were originally listed at, how long it took to sell, the price per square foot, and information on the property including square footage, bedrooms/bathrooms, and even the dimensions of specific rooms.
Interested in seeing what homes are available in your area? Click here for a detailed search of properties for sale in the Dallas-Fort Worth metroplex
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