When we put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales.
There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria we look for in a sales comparison.
- Location: Homes in the same neighbourhood typically follow the same market trends. Comparing your home to another in the same neighbourhood is a good start, and comparing your home to homes on the same street or block is even better, however there is still much more evaluating to do.
- Date of Sale: It varies by location, but the Vancouver housing market has see a ton of fluctuation over a short period of time. We use the most recent sales data available.
- Type of Home: We look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
- Features and Upgrades: Remodelled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. We try to look for similar bells and whistles.
- Sale Types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.
With over 10 years of working in the Vancouver Real Estate market and winning several awards including Top 1% of Greater Vancouver Realtors, we have a proven record of success that results in a long list of happy clients.