Trulia’s excellent “Real Estate 101” series has a good piece on the value – and dangers – of neighborhood comps.
Comps are important, of course, but real estate pros advise would-be sellers to take a closer look at homes that have sold, particularly in older areas. Is your home in any way unique or unusual compared to your neighbors? Look beyond the square footage and number of bedrooms and bathrooms for anything that might make your home a special buy.
Likewise, be careful not to overvalue those renovations you’re recently made. Experts agree there’s no way you’ll get 100% RPI on that kitchen remodel.
Finally, even with a sellers market, avoid the temptation to overprice your home in hopes of making a quick killing. Much better to price the house realistically and let the market take care of the rest, which can often result in multiple offers.