When selling a house it is always important to compare comps in the area you live in. Knowing what other houses are selling for gives you a great idea of what you can get for your house. For example If it is updated with the latest and greatest kitchen and bathrooms. You can expect a larger comp in that area. Say your house is outdated by a couple decades. Your house could take a hit on compensation that you could get for the house. Having extra features such as pole barn, garage, basement etc can add value to your house. Below is an example of how you could price your home to ensure that it sells quickly.
If the Asking price is this… It Appeals to this…
- 15% Over market it caters to 10% of the market.
- 10% Over market it caters to 30% of the market.
- Fair Market it caters to 60% of the market.
- 10% under market it caters to 75% of the market.