How To Think About The Market Value Of Your Home When There Have been No Recent Sales In Your Neighborhood


How To Think About The Market Value Of Your Home When There Have been No Recent Sales In Your Neighborhood
By Scott Rogers • April 4, 2024
I think this is going to be a more common phenomenon over the next few years... In preparing to list your home for sale we start to take a look, together, at recent sales of similar homes to predict the price a buyer will be willing to pay for your home. But... there have been no sales in your neighborhood over the past year... or two years... or three years!?! What does one then do? It's probably best not to focus on sales prices in your neighborhood from more than two or three years ago as they won't be a very accurate indicator of the value of your home in the current market. We'll likely need to work to identify comparable sales outside of your neighborhood that are as similar to your home as possible to potentially include... [1] the same school district [2] a similar size home [3] a similar structure of home (one story vs. two story) [4] a similar age of a home [5] a home with similar interior and exterior materials and finishes We will then make adjustment to the sales prices of each comparable property based on differences in both the neighborhood and the other attributes listed above. It is certainly ideal when there are highly similar comparable sales right in your very own neighborhood to use as reference points when pricing your home -- but that is not always going to be our current context right now given that fewer homeowners are selling from year to year. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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