Pricing your apartment is one of the most important steps in the marketing process. Price too high and no one will come and the apartment will languish on the market. Items to consider:
1) In Line Comps: You want to look at “like kind” units within your building that are in the same apartment line. So if you live in 12A, you want to look for sales in the A line that have the same floor plan. If nothing exists then you would move to similar units that have sold within your building. You only move outside your building for closed sales if there is nothing within your apartment line or in the entire building.
2) Like Kind: All the closed sales you look at and evaluate for pricing should be like kind apartments. So the level of renovation, view, size, and layout should be evaluated to ensure an apples to apples comparision.
3) Timing: You want to select comps from the most recent time period. For the most accuracy, the past 6 months will suffice and the more recent the better.
4) Contract Signed: Since there is a lag time in the recording of sales and the time from contract signed to closing, you should look at the contract signed date as that tells you the most accurate info as to what someone was willing to pay on that date. The date the sale is closed and recorded could be 3-5 months later and the market may have changed during that time.