Getting expert advice on what your listing price should be before putting your Wilmette home on the market can make your home sell a lot faster than setting a price based on what you personally feel your home is worth. In order for an experienced Realtor® to set a listing price, they often do a Comparative Market Analysis.
A Comparative Market Analysis uses comparable sales, or “comps” of properties that have recently sold in the Wilmette area. This will show what the market favors for a listing price. When looking at comparables, it’s important to consider certain similarities to provide an accurate current estimated value of your home:
- Same neighborhood – This will allow for the same type of house and year built to give a good comp. If in a subdivision, the same model is key.
- Same school district – Families often seek out homes in what they consider is the best school district for their children.
- Similar street type – You will want a comp that is on the same type of street as yours; especially if yours is a private, quiet, tree-lined street versus a main thoroughfare.
- Same or similar square footage and features as what is found with your house.
Looking at homes that include the above similarities and have closed escrow recently will give the best source to help price your home.
Of course, there may be upgrades, amenities and extras in your home that can affect your listing price when compared to a comparable. A Realtor® looks at both what is similar and what sets your home apart from the comps that can add value to your home. For instance, your house may not have a pool, but instead might have an upgraded restaurant-grade kitchen, an extra room as an office with built-in custom bookcases, or a surround sound home theater in your finished basement.
Reviewing comparables can provide great insight about sales in your neighborhood. Agents that specialize in yours and surrounding neighborhoods can bring a great buyer’s perspective to help determine the best listing price, bringing you the best possible profit to help you buy your new home.
If you are thinking of selling your Wilmette home and aren’t sure what your home is worth, The Marla Schneider Team can give you a free Comparative Market Analysis to determine your listing price. We specialize in many North Shore villages and have the experience in the area to explain the best way to market your Wilmette home for the highest price possible.