When pricing homes, most people, including agents, think that SOLD “comparables,” (other homes like yours that have sold in your area), are the most important factor in determining value.

Sold comparables are important, but the importance of competing properties is often overlooked.

1

Note Features Your Home Has That Other Homes Do Not

What else is for sale in your neighborhood? Will any of those homes be your direct competition? What features and upgrades does your home offer over those other properties? Do you have a walkout basement and they do not? Is your kitchen newer than the competition?

Those features should be your listing agent’s talking points!

There are only so many buyers looking in one neighborhood at a time. It is important that you are aware of the other homes for sale in your area and price yours competitively.

2

Where Else Is The Buyer Looking and What Will They Find There?

Be aware that buyers will be targeting several desirable neighborhoods. Those neighborhoods may not be limited to those that are in your city. They might be looking in cities similar to yours in lifestyle, property values, quality of the schools, proximity to parks, restaurants, and commute.

For example, many of our buyers who are looking in Troy
are also looking in Rochester and Rochester Hills. Our Rochester buyers often consider Oakland Twp.; Lake Orion buyers are usually looking in Rochester and Clarkston, as well. Royal Oak competes with Ferndale, Berkley and Clawson, and so forth.

Your agent should be aware of competing markets as well as those in yours.

HAVE QUESTIONS ABOUT EVALUATING YOUR COMPETITION?

Just fill out the form below, and we'll get right back to you. Don't want to fill out a form? You can go ahead and click here to send us an email instead.

  • This field is for validation purposes and should be left unchanged.