Home Values

Neighborhood Research

I may surprise you here when it comes to choosing home values for your properties using neighborhood research. Although I don't recommend this method solely to establish price, I do encourage you to do the research.

It is a great idea to view as many Open Houses in your neighborhood and also comparative areas of your town, city or county. Try to view as many as possible to see what the competition is. I will be covering other reasons to scope out the competition, but lets stick to the house market value for now.

Try to be objective here. Compare the square footage, age, number of bedrooms, baths, levels, extras, general condition, lot size plus whatever else you can use to compare to your own property.

If there is feature sheets available at the open house take one with you. You will be able to compare your home with others and probably establish a fairly close house market value for yours.

You want to compare several homes if available, to get the overall picture. One home could be just over or under priced.

Side Note: When you have put your own home up for sale, it is a good idea to do this exercise again so you know your competition.

Would we use this method for our final home value? No, but it's a great start.

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