Thursday, November 4, 2010

How Much Did My Neighbor's House Sell For?

"What did my neighbors home sell for" is one of the most common questions that a home owner asks a real estate agent.

In most cases, an owner wants to know what their neighbors' homes sold for in order to get an idea of what their home is worth. Be careful in making quick assumptions because there is more information needed to determine one's real value of a property.

The following information is necessary to determine the real value of your home. There are many things to consider besides what the neighbor did - which might or might not have been an optimal price.

  1. What is the average price per square square foot (heated) in the community?
  2. How many bedrooms?
  3. How many bathrooms?
  4. What was the condition of the home sold?
  5. What are other homes listed for with similar benefits and features?
  6. What are the prices of homes that failed to sell recently?
  7. What is the average number of days that it takes to get property sold in my area?
As you can see, your neighbor's selling price is just one piece of information that you must know to determine the value of your property. We see a lot of owners miscalculate their property's value due to the lack of information.

Example...a property near yours sells for $200,000 and has 2000 heated square feet.  Maybe you only have 1500 square feet. So, what is yours worth? Before you come to a conclusion, make sure you answer the above questions.

I get a lot of calls that start off with, "My neighbor sold for $200,000 so I want to sell mine at that price...please list it."

As a professional real estate agent in Myrtle Beach, I must find out the size, condition and features before I could quote a price and place it on the market. Unfortunately, there are agents who will list it without doing their research and these are the listings that fail to sell and end up on the MLS expired list.
As a free service, we help people determine an accurate price for their condos and homes for sale in Myrtle Beach. You can also sign up for our weekly current market research report for your property. Make sure you spend a few extra minutes gathering the proper information before you jump to any conclusions. A little bit of research upfront can save you time and money in the long run.

~Greg Harrelson

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