After 5 long years of declining prices I think we are finally at a point where many markets are seeing a plateau of pricing, if not a slight increase. And while, we all would love to believe that our home’s values have risen based on what we have heard in the media, that may not be true. The only real way to know what is going on in your neighborhood or local market is through an analysis of the housing data.
Known as “comparables”, this housing data will allow you to underhand who your active competition is, what has gone under contract (and at what price) and what has sold (and at what price). Typically, focusing on a period of no more than 180 days, the “comparables” will allow you to understand how your home stacks up against the competition and will serve as a reality check for what you can reasonably expect your home to sell for. And while anyone can gather this information from websites, it is often easiest to contact a Realtor that has access to this information from the Multiple List System.
If you are planning on selling your home make certain that you price it correctly. Otherwise, it will sit on the market. Buyers are not ignorant of what is selling in neighborhoods and will use your price as one of the factors they use to determine if they will see your home.