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Lanre Folayan's Blog

By Lanre Folayan 202-378-0283 | Agent in District of Columbia

How do I find out how much a house in my neighborhood just sold for?

How do I find out how much a house in my neighborhood just sold for?

So you pull up to your driveway from a long day at work. As soon as you get out of your car,you can see him sticking his FOR SALE Sign in the front of your neighbor's house across the street. REALTOR® said "Hello!". You respond with a dumb-founded look on your face. You walk into your house. You say to yourself "I wonder how much he is selling his house for?" So you walk to into the house. You start thinking about it and it's on your mind all day. Why are my neighbor's selling their house? Not because your neighbor is selling their house. But you have been talking about selling your house too.

Months and months go by,the For Sale Sign is still in front of the neighbor's house. You see people coming in and out of the house. Some are smiling and hugging each other,you think that this house is about to be sold. Home for Sale sign is still in front of the house. The REALTOR® even does some Open House. Each Open house the REALTOR® does draws a big crowd. Sometimes you'll think he is having a block party instead of an Open House. Anything to get the house sold I guess. After multiple showings,the FOR SALE SIGN is still in front of the house. Then all of a sudden,people stopped coming to the house. What happened? People must don't like the house. As the neighbor you say to yourself "I am not even going to bother trying to sell my house no more". Besides this economy has put a dent in the value of people's home. Little does the neighbor know,they have gotten a offer. Try more than ten offers. And the lowest offer is higher than what they listed the house for-WOW! I know.


 

A month later,the house has sold. But the neighbor across the street doesn't know that. Not until the U-HAUL truck pulls up into the neighbor's driveway across the street. Another car pulls up in front of the house. Two kids quickly run out of the house. One kid yells "I love our new house Dad". The neighbor quickly discovers that the house has sold. But for how much? How can the neighbor find out how much his neighbor's house across the street sold for? Well if the neighbor wants to find out how much his neighbors house sold for,he can call a local real estate brokerage in his area or town and talk a real estate agent who will be more than happy to tell you how much the house sold for? And if you are thinking about selling your house,ask the real estate agent to give you a Comparative Market Analysis.







The CMA will provide you with information on how much several comparables houses have sold for in your neighborhood in the past three months. And if nothing has sold in the past three months,they will might have to back as far as six months. And also might have to use a different zipcode as well. Example: Bowie MD is a city in Prince George's County Maryland that has four zip codes-20715,20716,20720 and 20721. So if nothing has sold in one zip code,chances are they will find something that has sold in one of the other three remaining zip codes. Also you definitely want to know which ones out of the houses sold were short sales and bank owned.


Also just because your neighbor's house sold for x amount of dollars doesn't mean your house will too when it's time to sell your house. Your house might sell for less or more depending on the condition of the house. And this will be a perfect time for you to be noisy pay a visit to your neighbor and welcome them into the neighborhood. While there you can see how their house looks and determine what things you have to do to your house before you put it on the market if you decide that you are going to sell your house. And if you want a Free Comparative Market Analysis on your home,please send me an e-mail to DChomesforsale@gmail.com.

Comments

By Akil Walker,  Wed Nov 28 2012, 20:12
Good information and so true

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