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Knowing the price of real estate is something we normally don’t bother with. That’s what real estate brokers are concerned with. Fair enough since we don’t have to deal with it every day. For most people, buying and selling a home remains a once in a lifetime event.
However, if there arises a situation where you need to know the price at which homes in your area recently sold, you may explore the following avenues to find out:
In the real estate market, the agent holds the key to many doors. They invest hours in learning about real estate and spend hours applying that knowledge until they master it. An experienced local agent will know everything about the real estate market in your area and can be a major resource when it comes to selling or buying a home.
Besides, real estate agents have access to the multiple listings system (MLS), which is the largest property database system in the US. It contains a complete list of properties available for sale as well as the property’s purchase history. So, asking an agent about the recent home sales in your area is the easiest way to find out.
In the age of the internet, information is free. You can always turn to the Google search bar to find the information you are looking for. So, if you are not ready to pay an agent for their services, you can search for recent house sales online.
There are dedicated websites where you can find such information. Their interfaces are user-friendly and navigation is easy. Search using the phrase “homes that sold near me” along with the name of your neighborhood; you’re bound to find multiple websites with search results. Keep in mind, though, that these websites also take information from the MLS.
The point to consider before visiting the clerk’s office is that you cannot simply walk in and check every property’s record. Instead, you have to tell them what information you are looking for and in which area of town.
To make the process run smoothly, know the address of the home you’re interested in before you visit the office. You can also seek the clerk’s assistance to find the information you’re looking for.
It may happen that you cannot get all the information you need as some information might be considered private. In such a scenario, talk with the clerk to see exactly what information is available to the public.
While you may conduct an online search using the phrase “sold homes near me” for free, you may not be able to view official government documents without paying a fee. This is usually the case when you want to get a printed copy of the document. Well, the fees are usually nominal, so you don’t have to worry about breaking the bank.
When sellers don’t hire an agent to sell their property, they sell it by themselves as “for sale by owner (FSBO). While it’s a viable option, this method isn’t too common. In such cases, the property information does not appear on the MLS, so even agents might not be able to help you with some of the information about FSBO properties.
So keep an eye open as you cruise through neighborhoods for FSBO homes. Note the property’s address as well as the contact information. Once you know the house has sold (if the ‘for sale’ signboard is removed), you can contact the owner and ask them for the sale price of the home. Usually, people are kind enough to share that information with you.
If you are on a mission to find the recent sales prices of houses near you, don’t underestimate the power of word of mouth. If you happen to know there is a new neighbor in your area or the neighbor next door is planning to sell their home, consider reaching out to politely ask them for information about the sales price.
Similarly, if anyone from your family or social circle has recently sold their house, ask them about how much they sold their house for–this is one of the easiest ways to find out the recent home sales in your area.
While you may have your reasons for knowing, there are other reasons to consider when asking about the sales prices of homes that have recently sold near you.
First: if you plan to sell your property in the near future, it may prove helpful to know whether there are homes near you that have sold recently. You see, setting the right price for a home is a very important aspect of selling a property quickly. And to do so, knowing the sales prices of recently sold homes in the surrounding area will help you a lot. It will give you a fair idea of how to price your own home.
Second: if you want to refinance your home, you will have to conduct an appraisal of your home. In the appraisal process, they factor in the real estate prices of the surrounding area. If this is information you already know, you may be able to figure out how much of a loan you may get by refinancing. This, in turn, would increase your chances of getting approved for a loan.
Third: if you want to upgrade your house in the future, it is very important to know the prices of the homes near you so you can do the necessary math to calculate how much you need to save in order to apply for a home improvement loan.