Real Estate

Commercial Street Real Estate Pricing Analysis

The following Commercial Street real estate market analysis is by Chris Tuite of Gibson Sotheby’s ( Data includes sales from multiple real estate offices. See the Real Estate Offices page, available under the “Living Here” menu.

At the end of the day, the amount of time it takes to sell your home for the highest price possible is directly tied to the asking price of the property. All the marketing and advertising in the world will never sell an excessively overpriced home, no matter what the market conditions. Too many agents are afraid to tell a Seller what the real value of their home is and end up telling you what you “want” to hear. Homes that sit o the market ultimately sell for less than they would have if priced right from the start!

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Probably the single most important factor in determining how successful you will be in selling your home in a timely manner is simply accurate pricing from the start. Houses new to the market get the most potential buyers looking at them. In order to capitalize on this heavy initial traffic, you want to be sure to have the house priced correctly right off the bat. Many sellers make the mistake of starting high, assuming they can always drop the price later. Now they have wasted those crucial first weeks that the house is on the market because many of those buyers will not even call if they feel it is overpriced. Keep in mind that the majority of serious buyers have done their homework and know what your house is worth.

To price your home correctly you need to be savvy about your local real estate market. Understanding the market will help you set an asking price that will compete favorably against other comparable homes. Here is where a trusted, knowledgeable, and respected real estate professional is imperative.

There are several good resources available to help you price your home correctly from the start. You can begin with some free internet sites like, as well as These sites are a valuable tool in accurately determining the value of your home because they show you a list of comps (comparable properties), recent sales, and what the homes actually sold for. An interesting and unique feature of these websites is that the sites allow you to alter the information posted on your home that would affect the appraised value of it you have made. These sites can be a really good starting point in pricing your home, but again, at the end of the day, your agent and their knowledge of the market should be weighed in on heavily.

Another good idea is to attend Open Houses in your area and see what is on the market and how they are being priced. There are plenty of home selling websites that you can access to see what’s going on in your local market. And remember, just because someone is asking a certain amount for a home doesn’t mean they have priced it correctly. It is very common for people to become extremely attached to their property and assess market value based on that emotional attachment. Although knowing what other sellers are asking for their home in your area can be valuable information, make sure you focus on the SOLD properties. Those are the ones that are a clear indication of what the market is currently bearing. The real key is to trust what you agent is telling you, provided they are truly an expert in the field.