real estate

Negotiate best sale price on your 1st home

Understand your market
Understand your market © olivier/Shutterstock.com

Your home is worth the most someone is willing to pay for it. Or the least.

The best indicators of the price your home could fetch are actual sale prices (not listing prices) of similar homes in the immediate area during the past few months, says Ron Phipps, principal broker with Phipps Realty in Warwick, R.I., and past president of the National Association of Realtors. Nearby sale prices are called comparables, or comps for short.

Comparable homes are roughly the same age and square footage with the same number of bedrooms.

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