Regardless of a buyers market or a sellers market…
The sold price tells you what to expect other houses to sell for.
Of course, this can fluctuate depending on many factors such as:
? # of bedrooms
? Square footage
? Lot size
But sold prices set the standard for that subject area.
This is why I emphasize the little weight that the LIST price holds.
Strategy behind a listing price changes depending on the market.
And this can change every week.
Actually right now, we’re seeing a change in the market‼️
Slightly more supply, fewer offers on offer night and even some houses receiving no offers! ?
This is going to impact the strategy behind the list price.
But the bread and butter is in the sold price. ?
If a comparable house sold 3 days ago to the house that just got listed on the same street…
We can confidently say that’s the market value for the area.