The Brown Realty Group typically look at the “per sq ft price” of comparable homes within a certain radius of the subject home to establish what they believe is the fair market price (Defined as the price a willing and knowledgeable buyer and seller agree upon). The Brown Realty Group include a number of factors in their pricing, including how many other homes have sold in a certain time frame; their relative condition and improvements; the “days on market” and listing price of homes currently on the market; and how many discounted foreclosures have occurred. If we think that a particular neighborhood is in a particularly rapidly changing market, then we might only look at the sales in the previous 3 months instead of a typical 6 month window. “Sellers who think they have overpriced their homes, should compare the number of showings their home has received to the number of offers,” Rick Brown said. “In this market, if a seller hasn’t had an offer after many showings, their home is overpriced and being used to sell someone else’s home that is more reasonably priced,” he said.
There are 5 things often neglected by a seller when selling their home. For more information on these five things or for help in understanding the fair market value price of your home, please contact us!