Do you know how much your home is worth in Albuquerque? The price of your home will probably be about the same price as other similar homes in your neighborhood that have sold recently.
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for in Albuquerque gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.
What makes a good comparable sale?
The ideal comparable sale is a home that is almost the same as your house in the same subdivision. But that kind of scenario isn’t as common. Here are other factors to consider:
- Location: The closer you can come to finding a house that’s near you the better, but not just any house will do. The best kind is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.
- Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.
- Amenities and upgrades: How many upgrades does the comp have? Does it have the same amenities as your home, such as AC, a deck, or a pool? Does the community it’s in have similar amenities?
- Date of sale: Home values fluctuate, so you can’t use a value from a year ago. In fact, most lenders say that comparable sales can be no older than 90 days.
Agents can help adjust price based on insider knowledge
Of course, it’s very difficult to find an exact clone of your home and neighborhood in most cases. That’s where the expert advice of your Albuquerque real estate agent comes in. An experienced real estate agent will examine the differences between your home and comps to adjust the value to match your specific home.
Your agent has certainly been in a lot of homes in your neighborhood, so they know all sorts of details about the comps in the area. They can also read comments in the MLS (multiple listing service) about the property from other real estate agents in Albuquerque.
As the top real estate agent in New Mexico, Sandi Pressley and her team have the experience to find the best price to sell your home. If you’re planning to sell your home in Albuquerque, contact Sandi and her team today. We can use comparable sales and insider knowledge to help you get the highest possible return on your home for sale.
Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.
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