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The Home Pricing Puzzle

puzzles pieces representing the home pricing puzzle

Home Pricing

Ever wonder why homes in the same area can have such different price tags? Unfortunately, one common reason is user error—a seller might take bad advice from neighbors or friends and set a high price just to "see what happens."

As your Atlanta-area real estate expert, I can tell you that pricing a home is like solving a puzzle. When all the pieces fit, you get a price that's appropriate for everyone involved.

Here's how we figure it out:

Step 1: Check Out the Neighbors

an Atlanta-area neighborhood

First up, we look at comparable homes, or "comps." These are homes that have recently sold in the same neighborhood. We consider:

  • Location: How close is it to schools, parks, and shops?

  • Size: What's the square footage of the house and lot?

  • Condition: How old is the property? Any recent upgrades?

  • Features: How many bedrooms and bathrooms? Is there a garage or pool?

By reviewing these factors, we can see the price point of similar homes.

Step 2: What’s Happening in the Market?

Market conditions are crucial. We consider:

  • Supply and Demand: How many homes are for sale versus buyers?

  • Interest Rates: Higher rates can lower prices since buyers can't afford as much.

  • Economic Factors: Local job market, income levels, and economic growth.

  • Seasonality: Certain times of the year may be busier in real estate, like spring and summer.

Step 3: Unique Features Matter

a lovely home with a view

Every home has its unique perks (or quirks). We consider:

  • Upgrades: New kitchen? Updated bathrooms? New flooring?

  • Energy Efficiency: Solar panels, energy-efficient windows.

  • Curb Appeal: Landscaping and exterior condition.

  • Views and Privacy: Does it have a scenic view or lots of privacy?

We may adjust the price based on these unique features.

Step 4: Putting It All Together

Finally, we compile everything to set a competitive price:

  • Analyze the Data: Combine comps, market conditions, and unique features.

  • Set a Price Range: Give a range for flexibility.

  • Review and Adjust: Keep an eye on the market and adjust if needed.

The Takeaway

Home pricing isn’t an exact science. There are many variables, and it can be tricky. That’s why having an experienced agent is so important. If you want to know your home's worth or how much you can spend on a new one, let’s chat! Reach out now!


Content by Al Maxwell Marietta Realtor®

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