What's That House Selling For?

I hear that question a lot. After all, everyone's interested in real estate. But when someone says, "What's that house selling for?", I know what they mean to ask is, "How much are they asking for that house?"  That's an easy question to answer.

But what the house will sell for is often a very different thing.

Just this morning, I studied the 'Active' houses and the 'Sold' houses in a neighborhood here in Arvada. While the price range for those for the comparative sales was $279,900 to $290,000, the price range for properties sold in the past six months told a different story. $230,000 to $262,000.

So if someone asked me the list price on a house in that neighborhood, it might be $280,000.  But what the house will sell for may actually be  $10,000 less.

(Arvada is about midway between Denver and Boulder, Colorado, in Jefferson County.  But this information would be helpful to home buyers everywhere.)

If you're planning to sell your house, be sure you price it where the comparable homes in your neighborhood are actually selling. Otherwise, you can have a house that's 'For Sale', but never 'Sold'.  You can't fool home buyers into paying more than market value for your home.

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