Comparable Properties Sales Information - Ottawa
Posted on October 26, 2009
Filed Under Comparable Properties Sales Statistics, Listing and Selling Your Home
How do REALTORS® and people selling privately determine the value of a property? The key element is to research the market and find comparable properties.
Making comparisons is a blend of good research and market knowledge. Some basic guidelines to finding comparisons are:
- The closer in proximity to your home, the more comparable. Houses in Westboro are unlikely to make good comparisons to similar homes in Stittsville. Remember the adage: Location, location, location.
- The closer in date to today, the more realistic the market indicator.
- Being honest with yourself about what makes a comparison.
- Knowing sold prices. While you may know what your neighbour asked for his/her home, you may not know what the final price paid was and if there were any concessions such as decorating bonus, closing costs, redone roof prior to possession, etc.. The sold price, more than the asking price, is the real indicator of realistic expectations.
- Once your find similar properties, adjusting the price for the differences between the homes. If there is a two car garage in one home and only a parking pad on the other, the former will have more value. (If the garage is functional :-)) If one has an updated kitchen and the other is all original from 1970, then the former will have more value. While location is key and timeliness is vital, features cannot be ignored.
Be honest with yourself about your ability to get good comparisons. You may find the “Free Market Evaluation” that most REALTOR® provide is a start. Talk to people in the business. If you think a salesperson is going too low, you might want to get the opinion of two or more REALTORS®. Be wary of an estimate that seems too high - even though you would celebrate selling your home for that price. You might not have the time to have your house on the market for 6 months or longer waiting for some naive person to pay the price.
On a regular basis, I post information about current selling prices in neighbourhoods and also the sales history. Look under the “Comparable Properties Sales Statistics’ category if you are interested in more information.
Photo credit: old garage @ http://www.flickr.com/photos/lafattina/3870226487/
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Welcome
My name is Valerie Zinger. I am a Realtor in Ottawa. I look forward to listing your property or helping you find your home.
Phone: 613-723-5300 Click here to contact Valerie by Email at:
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