Selling Price and Real Estate Comparables
When setting the price, you determine how much the house is actually worth in the market. Appraising the value of the property is strongly affected by the real estate comparables. This is why the best indicator is the recent sales prices of similar properties that are offered in the market whether you are buying or selling houses .
To get the recent sales prices, real estate agents have access to local sales data through the Board of Realtors and can give you a good estimate of the value of your house. Many real estate agents offer this service for free, hoping that you will list the sale of your house with them.
If you think you want to do this on your own, you can do your own research by visiting public record offices like the county clerk or recorder's office. Some actually hire a professional real estate appraiser.
Some seek help from the internet and get information through the use of the utility present in the website. The website will present the real estate comparables. This can be used to determine current prices as well as predict future prices of properties for sale or was sold in the area covered.
Information on the real estate comparables include the type of resident, number of bedrooms and bathrooms, floor and lot areas, year the house was built, number of storey. Other information that can be available but not always present are the roof type, exterior material, availability of parking( covered and open), heating system and source, floor coverings, rooms and most importantly the estimated value of the house being compared. Usually the sources of information are the also public records.
Aside from the real estate comparables, another set of factor to determine selling price is the current state of the property. Does your home have termites, mold, roof caving in, or had a fire? These would really drop the price of your house.
That is how prices are set in buying or selling houses… the current market value as compared with other properties, the condition of the house as well as the desirable amenities which could somehow increase the price of the house for sale. And talking with an experienced estate agent will give you more ideas on how you can create more value for the house you are selling.
Oliver is a writer for the http://www.ibuyhouses.com - the fastest way to sell your house.
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