You’ve decided to put your Central New Jersey home on the market.  You’ve cleaned it up, performed the necessary repairs and have it staged so it stands out from the crowd.  You have also hired a real estate agent who is knowledgeable about both the local real estate market and the ins and outs of selling a Central New Jersey home.  The last step before you actually list your home is to set a price.  Using sales comps to price your home is one of the smartest things you can do.

Real estate agents have used “comps” (comparable sales figures) to determine an appropriate sales price for decades.  That’s because your Central New Jersey home is in direct competition with other homes in the area, not necessarily with homes located in other neighborhoods in the city.  Prices don’t just vary from city to city, but also from neighborhood to neighborhood within the same city limits.  Knowing what other homes in your community have sold for gives you a realistic look at what you can expect to receive for your home.  Your real estate professional can run a report of comps in the area for you.

Not all comps are the same, though.  You want to use comps from Central New Jersey homes that are located in your direct vicinity, preferably within your subdivision or even as close as right on your street.  In addition to the location, comps for homes that are similar in type (townhome, condo or single-family attached/detached), size (lot as well as square footage, beds/baths, etc) and amenities (pool, deck, hardwood floors, updated kitchen, etc) will help guide you to a competitive sales price.

The date of the comp used can make a difference as well.  As you are probably aware of by now, prices can change quite a bit over the period of even a few months.  What a Central New Jersey home sold for in the last six months may be different than what it would sell for now.  Don’t use the sales price of a home that sold more than 90 days ago. 

What Central New Jersey homes sold for in your neighborhood in the last 90 days isn’t enough, though.  Find out what price they were originally listed for, what price they ended up selling for and how long they were on the market.  Also, see what other similar homes in your area are currently listed for.  Ask your real estate agent what they believe you should realistically set your sales price at to get your home sold.  They are in the real estate trenches everyday.  They have an up close and personal knowledge of what the market looks like.  Most importantly, remember not to take their advice personally if the amount they suggest is lower than you think it should be.  They want to sell your house almost as badly as you do.  They definitely want you to have a successful real estate experience.

Using sales comps to price your home is smart for Central New Jersey sellers.  Your real estate agent can help you determine what that sales price should be.  If you’re interested in selling your home soon, please contact the Lacerda Team today.

The Lacerda Team, Your Source for Central New Jersey Real Estate