Do you want to be able to search neighborhood home sales data or run comparable sales on a home that interests you? Fortunately, you now have the capability to browse Recent Home Sales in Louisville to learn more about local market conditions.
Taken directly from MLS sales data, this of list home sales will allow you to keep up with market trends in your neighborhood, see what you neighbor paid for their home and give you a chance to familiarize yourself with pricing for a home you are considering buying or selling.
Making pricing decisions when buying or selling a home is an involved process that generally includes an analysis of 5 factors - location, condition, functionality, comparable sales and buyer/seller motivation. Having direct access to a list of recently sold homes will allow you to begin to analyze comparable home sales, however I do urge caution as these home sales are just one of the 5 factors used to set a pricing strategy when buying or selling a home. You must consider all 5 factors and you must make reasonable comparisons between sold homes and the subject property so as to not under- or over-price your home.
I do also strongly suggest against focusing on price per square foot as a way to set pricing on a home you are buying or selling. Price per square foot can be a handy method for pricing new construction where square footages are known and the prices of finishes are known, but in most other cases using price per square foot can steer you far off the correct value for a home and should be avoided. Instead, use the recently sold homes to develop pricing averages for neighborhoods and to calculate absorption rates to learn the health of the local market. Then, make reasonable adjustments to your pricing strategy, weighing the 5 factors of pricing as necessary based upon objective and observable information to make sure you are on sound footing with your price.
Of course, in just a few short paragraphs it is very hard to fully express the level of detail and the necessity of experience required when pricing a home to buy or sell. Unless you have extensive experience with setting pricing strategies, it is best to use these recently sold homes in Louisville to get an overview of the market and to be ready to have a more in-depth conversation with your real estate agent. By doing so, you will be able to better understand why your agent recommends the pricing strategy that they do and you will be able to give constructive input to your agent so that they fully consider all factors in pricing the home you are buying or selling.
Sold property data is your key to a great pricing strategy, so enjoy this unique and valuable information and use it wisely to make sound decisions when buying or selling a home in Louisville.
About the Author: Joe Hayden is the Team Owner and Manager of the Joe Hayden Real Estate Team - Your Louisville Real Estate Experts!
Comments(0)