My real estate company sells homes in Plymouth & Cape Cod, and we often encounter widely varying opinions on prices for various properties. Many homebuyers do NOT understand the art vs. science of establishing a home price range and even less at how a price range is determined. And the online home search sites rarely get it right and can be off by as much as 30%.

    Plymouth & Cape Cod home pricing

Here are several elements to consider when pricing or even comparing one property to another. Keep in mind that pricing a home for sale should be done on a micro level and sellers must get this right to generate the proper level of activity to generate offers in a reasonable time frame (within first 2-4 weeks). You should weigh each of these in terms of importance to you if you are buying and costs associated for a seller to provide these when comparing to other homes.

    Neighborhood/Location – How does this home compare to others in the neighborhood and on the street. Is the overall neighborhood well maintained? Does it have a good reputation for location, schools, commuting? Is this home better or worse in terms of overall condition? Is it larger or smaller than other average homes around it? Is it well placed within the neighborhood? Are there any known or anticipated changes to the neighborhood or area that may impact quality of life?

    Date Of Sale – When was the home last sold? If considerable time has elapsed it may be in need of updating and structural improvements. If recent, it may have been renovated to sell or the current owners may be in financial trouble and need to sell.

    Age/Condition – When was the house built? Has it been updated to existing building codes? The key items to consider first are foundation and basement structure, supports (no dangerous cracks or water), heating/cooling, plumbing/septic systems, water supply, electric service, roof condition, windows and doors. What will repairs cost? Is the condition reflected in the price?

    Acreage/Privacy – How much land is included with the property. Is it wetlands or useable? How does this measure up to other similar homes and is privacy a factor or is the home still close to other homes due to placement on the lot? Does it back up to conservation land or green areas? Is it at the end of a cul-de-sac? Is landscaping substantial and provide privacy?

    Square Footage – Is the interior of the house adequate for you and your family? How much room and how many rooms do you require? Does the listing provide a total living area square footage – minus the basement and/or areas not finished? Only total living space should be included in square footage, basements are typically not included. How does this compare to other homes in the neighborhood or homes you are considering? Is the cost per square foot (home price divided by sq.ft) close to other similar homes?

    Amenities – What are the details of the house that add up to a home? The quality of the building. Finishes in terms of , built-ins, woodwork, hardwood flooring, cabinets, specialty glass and windows/doors. How does landscaping affect the curb appeal and livability of the home? Does it have a pool, gardens, and walkways? What special differences in the home separate this home from others? What would it cost to provide these? Is it missing something it should have for the price?

    Views – Is there a water view, a view to the mountains, a view to the city? Any view that lends a unique value and perspective to a property will affect its price. Depending on the area, it is more than subjective

    Other Structures – How many outbuildings on the property. What is their use and condition? What purpose do they serve and can they be put to other uses to expand the overall value of the property.

    Other – Some properties just have a presence. It’s a feeling one gets when seeing a property and walking through it. Intuition is your best sense. When you experience this at a property you should listen. Other considerations may be historical significance, celebrity ownership, style of the house and materials used.

All the above are used to arrive at a price range. And I’ve probably overlooked a few in terms of brevity. Yes recent sales around the property are important but again consider all of these on a micro level and price the home competitively based on its unique value. And be certain to detail what those are and be able to talk to these in relation to the competition.

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