Below is an excerpt from an article that I wrote about the importance of accurate home pricing. You can request the full article by filling out the “Get In Touch” form to the right of your screen.
“Pricing a home is part science, part art. The science of pricing starts with examining comparable properties (comps).The art piece of the puzzle, meanwhile, can only be accomplished with the perspective of an experienced and knowledgeable person who has viewed hundreds of properties, inside and out. Pictures and descriptions online give a very narrow perspective of a property; finding the right price for your home requires experience and diligent, first-hand research.
Finding comparable properties is a challenge best left to a professional. In New England we have all types of homes, from 1700 Salt Boxes to 1950 Mid-Centuries to 2016 Contemporaries. This means that looking solely at the number of beds and baths and parking spaces is not enough. A 3-bedroom 1900 Colonial will fetch a different price from a 3-bedroom 1960 split-level on the same street. Even homes built by the same developer at the same time in the same neighborhood vary in price and value based on how the homes have been updated and cared for.
Because of this wide variety of homes, a quality Real Estate agent spends hours looking at properties that best compare to your home. These are properties that have sold in the past 3 to 6 months and share as many features with your home as possible; as general as the number of bedrooms and bathrooms, and as specific as the year the kitchen was renovated or how old the furnace is. The more features we examine, the closer we get to finding the ideal price to market your house.”