Berlin CT Home Values
In a perfect world, you'd sell your Berlin, New Britain, Plainville, Southington, Meriden, Middletown, Cromwell, Rocky Hill, Newington home or other CT real estate for more money than you hoped for -- and sell it much faster than you expected. But, as you'd expect, that does not materialize very often.
No matter what the current real estate market conditions are, the Berlin homes for sale that sell for
The greatest amount of money
In the least amount of time
Are those that are priced closest to what the market will bear. And setting the sales price your Connecticut home too high can actually work against you in the long run.
That's why Realty3 CT Berlin CT real estate agents spend so much time researching homes that are competitive to yours; to get a clear understanding of just how key factors of any particular home can affect Berlin real estate prices.
Key Variables of Berlin CT Home Values:
Current Market Conditions
You want to learn how long the most recently sold homes like yours stayed on the market before they actually sold. It's critical to price your home close to its true market value. With the number of CT real estate listings on the market, you do not want your property listed for a long period of time -- particularly if you want to sell your home quickly. You’ll also need to take the existing number of unsold homes in Berlin into consideration and how fast they’re selling now.
Comparable Sales Prices
The most dependable indicators of the value of your Berlin home is pending sales of homes most similar to yours and comparable sales that have closed in the past 6 months.
- You need to consider how the selling prices compare to Berlin real estate listing prices.
- It's important to know if sold homes were bought at the asking price or something less.
It generally is not a good idea to list and then try to sell Berlin real estate for more than 5% over what you would actually expect, particularly if like homes in your neighborhood have been selling at 95% of the asking price.
In a less active real estate market finding reasonable comparable homes can become more difficult. Although the ideal homes you use to compare your home to will be right in the same neighborhood, you may have to go farther away, to a generally similar neighborhood. And sometimes unknown or unexpected circumstances can skew prices.
- If a home sale was the result of a divorce or death, for example, the seller may have accepted a low price just to get out of the home.
- Or, was there an addition to the home that was made without permits?
The number of bathrooms and bedrooms is important when pricing homes for sale in Berlin and the true value of any improvements is actually determined by bonafide offers to buy your home.
- If most homes in your area have 2 bathrooms, but your home has only 1 you should compensate for that by adjusting the price.
- And bear in mind that the value of amenities - no matter how expensive to install - may add value only to some home buyers. The new wall to wall carpet may have cost a lot, but it can actually be a negative if the buyer wants to tear it out to get to your hardwood floors underneath.
The size of your yard is important when comparable sales have lots of varying sizes. To get a sense of land values in your neighborhood experienced CT real estate agents will check what comparable lots have sold for by themselves.
Price per Square Foot
If you have a 2,500 sq ft home and you list your home for sale at $250,000, your price per square foot is $100. You want to confirm that your price per square foot supports your asking price and that of comparable sold homes. If the house next door has 2,200 square feet and it sold for $199,900, that's closer to $90 per square foot.
Knowing that an asking price is fair is always important when you're ready to make an offer to buy real estate in Berlin. What's even more important is when a mortgage lender engages a real estate appraiser to find out if the house is worth. Generally appraisers like to compare homes of similar age, and they often search for those with similar amenities.
Clearly these basic real estate concepts also apply to homes in Newington, Rocky Hill, Cromwell, Middletown, Middlefield, Meriden, Cheshire, Bristol, Plainville, East Berlin, New Britain, Connecticut and across the country and you should discuss these issues when interviewing realtors.
Other considerations your Realty3 CT Berlin CT realtor will take into consideration comes from years of experience to calculate with any certainty. For example, homes situated in walking distance of amenities like schools, parks and shopping aren't only more convenient for their owners, but they're often worth more than homes in neighborhoods where driving is the rule.
Go with the experts; contact your Realty3 CT Berlin CT realtor today!