Hello! So we are looking to sell my childhood home and we’ve met with an agent. For background, the house is in a rural area about 10-12 minutes from the nearest town/city; not many houses in the area go up for sale ever. We got comps for other properties recently sold, but the square footage was all about 1/3 lower than our home. Based on this, the median/average price seemed way too low. We aren’t listing it right at this moment, but even when the time comes, if there are no other comparable properties, would it be unrealistic to take the average price per sq ft, multiply it by our sq ft, and set that as the asking price? How much of an issue would this be in the appraisal stage?
Using the average price per square foot from the comps is a reasonable starting point, but be prepared to justify your price with other factors like condition and unique features of your home.
Appraisers will look for comps, so if there are none, they might adjust their approach. Just be ready for potential challenges if the price is significantly higher than comps.
Consider getting a professional appraisal before listing. It can help you understand your home’s value and give you a stronger position during negotiations.
If possible, look for similar homes that may have sold in neighboring areas. It might help to provide a broader context for your home’s value.
Be cautious with pricing; overpricing can lead to extended time on the market, which may deter buyers. It’s a balancing act!