That said, I do have some tips that will help you arrive at that magic number.
GRAB COMPARABLES
The best way to predict what price your property will fetch is to see what similar properties—comparables—sold for. Easier said than done. First, realize that every house is unique. Even though two houses can have the same square footage, number of bedrooms, and acreage, they are not the same. House A may have older trees and more shade then similar House B. House B may have drop- dead gorgeous granite counters in the kitchen, while House A has laminates. Your challenge is to find sales of properties that, as nearly as possible, compare to yours. Here are variables to consider. Location: Ideally, you want to find sales within a ½-mile radius of your property. But don’t go by distance alone. Also consider if your house is closer/farther away from a highway, or has a much better/worse view than a nearby comp. This will affect value. Age: Compare homes of the same vintage. If your 3,200-square- foot home is 5 years old, don’t compare it to a 3,200-square-foot home that is 50 years old. If you own a two-bedroom condo, don’t compare it to a two-bedroom single-family house. Recent sales: The more recent the sale, the more valuable the comparable will be in setting the price of your home. Sales in the last six months are OK; sales in the last three months are better. Soft features: This is where you must trust your gut in pricing your home. Some variables, like curb appeal, nearby shopping, community spirit, noise—are hard to quantify, but will affect 25
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