Selling a home can be an emotional process, and you may think your home is worth more or less than what the market dictates. Let’s go over the ways a real estate broker determines price to ensure you get your home sold in a reasonable timeframe for the highest amount possible.
One of the first things we do is look at what homes in your neighborhood have sold for over the past few months to a year, depending on market conditions. We do our best to compare your home with similar ones in terms of the number of bedrooms, bathrooms, garage space, yard size, updates or remodeling, and any other relevant factors. We’ll usually exclude special circumstance sales like foreclosures to keep the pricing accurate.
We pull our information from the Multiple Listing Service (MLS), which has the correct sales price rather than the list price. If you look online yourself, you’ll most likely find the list price. It’s important to make comparisons to what homes actually sold for, because sometimes the home may have sold for more or less depending on market conditions and actual value.
Our comparisons are typically pulled from a 1-mile radius, however if you have a unique or rural property, we may have to find similar homes farther away. By analyzing homes in your specific neighborhood when possible, we’ll have the most accurate idea of your home’s value. There’s a lot of individual factors that go into an assessment, but this is a good overview of how we determine price!
If you or someone you know is thinking about selling their home, our team is happy to meet you and do a full market analysis for you. Give us a call at (217) 422-3335!
In the meantime, you can get an estimated price range using our free home valuation tool here.