Real Estate Glossary > S > Sold Definition

During a home search, it's important to look at the number of recently sold homes, as well as their price per square foot, The list or the sale price of the home divided by the number of square feet. to get a sense of the type of inventory that recently sold in the area where you're looking. Doing a comparative market analysis An evaluation of comparable recently sold homes in a neighborhood to determine a fair price range for a certain home on the market. of comparable homes that recently sold helps you determine fair market value. The price of a home that a buyer and a seller agree upon to the best of their ability and their own personal interests.

Redfin shows all the available data on sold homes from the Multiple Listing Services (MLS) A local or regional service that compiles available real estate for sale by member brokers along with detailed information brokers and agents can access online. in the markets we serve. The information is updated shortly after the listing agent changes the status in the MLS. This means you have the most current data about what's selling in your local market. We also get the public record data that includes the assessed value of the home for property tax The tax paid by homeowners to the government determined by an assessment. Homeowners pay this tax annually, semi-annually or as part of a monthly mortgage payment. purposes. Knowing what's selling is the first step to becoming an informed buyer or seller and gives you a sense of how to price an offer or a listing to sell.