In other parts of the country the real estate market is doing much better than in Litchfield County, CT. Relying on real estate information that is not local specific can be the kiss of death.
There are a few things I have to consider when pricing a home to sell. I look at what is currently active on the market that will be the toughest competition for your home. Then I look at the similar homes that have recently taken a deposit to see if your home matches or beats those. Next are the homes in the pending sale category. They are waiting to close and are not being actively marketed as they are expected to sell.
The last category I research are those homes that have sold in the past few months. Because our current real estate activity is sluggish, I may have to look farther than the last 3 months, but when I am looking for past sales of homes that are comparable to yours I have to think about what the buyers appraiser will look at to figure out how much the house is worth. They have rules and regulations about how many months back they can look, how far away from the subject property sales are, and they must be similar.
- A cape does not compare to a raised ranch.
- A raised ranch does not compare to a colonial.
- A ranch does not comp to a cape.
- On and on.
I make it my business to know the New Milford CT real estate market.
Because I have seen many of the properties that have sold, that are currently on the market, that are under deposit and that have a pending sale, I know which are most like your home. This is most important, an agent must understand the local real estate market in order to price a home to sell!
I consider location, condition of the home and the pulse of the current real estate market in New Milford, CT when pricing your home. One fact we still cannot escape in this current real estate market is the amount of money you owe on your home is irrelevant to the actual current market value.
Coming up in this series, Selling a home in New Milford, CT. We have the price right, what’s next?
If you would like more information on what your New Milford, CT home is worth in today’s real estate market, give me a call at 203.460.1775.