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Q: What 5 Factors Determine My List Price?

Friday, November 6, 2020   /   by John Salkowski

Q: What 5 Factors Determine My List Price?



Here are the factors that we use most often to determine a home’s value.
 

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There are five factors we look at when determining where to list a home for sale:


1. Condition. How does your home rate compare to other homes in the neighborhood? Is it outdated? Does it need major renovations? When were the windows, sidings, roof, and flooring last replaced?


2. How your home compares to others in the neighborhood. Do you have the same amount of bedrooms and bathrooms? What about the square footage?


3. Taxable assessment. Where does your property’s assessed value compare to others that have sold recently in the neighborhood? This figure is based on bedroom, bathroom, and square footage numbers. Every year, property values are assessed for their current value based on the standard system for determining annual property taxes. Once the property is assessed, an assessed value is determined. Property taxes are charged back to the current property owner based on a percentage rate. Think of the assessed value as the taxed value.


4. Square mileage and neighborhood. How does your home compare to others that are located within a certain square mileage and how does it compare to homes that are similar and located in the same neighborhood?


5. School district and ZIP code. We always pull these stats to determine which other homes are similar to yours. You really have to compare apples to apples to figure out an ideal list price.


If you have any questions about your home’s value, your future plans to buy or sell, or any real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.

 
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