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How to Research the Competition

Having done your research on pricing and on the buyers in your market, it’s time to find out how your home stacks up against the competition. You may be asking yourself “why is it a competition?” and the reality is that you are competing against other homes in the area among buyers in the buying pool. They are comparing and contrasting to pick a winner, and you should think of it in the same way. Think like a buyer and scope other properties like yours to better understand how your home compares. Here’s what to look out for:

Age and Condition

Newer properties don’t always cost more. Tear down, fixer-upper or pristine, condition relative to age factors in your home’s price. When was your home last updated? If it was more than five years ago, you might not get top dollar for it. Projects like adding wood floors, a pool, remodeling the kitchen, and adding complete bathroom accessories will increase the price of the home.

Bedrooms, Bathrooms, and Flow Matter

Price will be impacted by the number of bedrooms and baths you have and what part of the home they are located in. Not only whether you have a certain number of rooms matter, but it also matters how the house flows. If your third bedroom a garage conversion? Well, that may not be as desirable as a two bedroom house with a garage.

Amenities

Not all neighborhoods are built the same. Some have clubhouses and pools with high monthly fees, others don’t. It’s important for you to understand how that affects the value of your home. Yes, you may have the same square footage as a home in a boating community that sold for a million dollars, but that doesn’t mean your house is worth a million dollars. Amenities matter and you need to take that into account when pricing your home appropriately.

Location in the neighborhood

Where your house sits matters, and it’s not just about the neighborhood, but the location in the neighborhood does too. Is your home located close to a busy intersection or in a serene area? Does it get nearby noise or sit close to a tranquil lake? Is it elevated or low and prone to flooding?

Conclusion

Once you have researched buyers and pricing, it’s time to compare your home to others on the market. Pretend you are a buyer looking to buy a house in your neighborhood. What will I be drawn to? What are the selling points and objections that they will see in your home? These issues will come into play when you finalize the asking price.

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