A Guide to Determining Home Value and Pricing Your Property
If you are looking to begin the selling process on your home, now is the time to act. The US housing market is hotter than it has ever been, with home prices soaring and sales being completed in record time. However, that does not mean you are guaranteed to get the right price for your home.
If you don’t know the essential ins and outs of determining home value, you could end up selling your home for much less than it is worth. If you want to avoid this, you have come to the right place. Read on to find out everything you need to know about pricing your property the right way.
1. Know Your Local Market
The first thing you need to do before listing your house is to determine the situation in your local market. This will help you determine whether you can ask for more when pricing your house. If your home is in a hot neighborhood in a hot city in a hot state, you could cash in. You can find more information here on how to take advantage of a seller’s market.
2. Know What Does Not Count When Determining Home Value
It is also important to keep in mind that there are some things that you might think are important that actually have no bearing whatsoever on the list price of your home. Sentimental value is worth zilch, meaning that you need to check your emotions at the door when pricing your home. Your mortgage payments mean nothing. If you bought your house a long time ago, whatever you paid has no bearing at all when pricing your property.
3. Know What Does Count
Once you know what doesn’t count, it’s time to take into account the factors that have a huge influence on the price of your home. The location of your home is probably the most important. In addition, the condition of your home and how much it needs renovations are crucial factors. The age of the home, availability of outdoor space, and permits attached are also key.
4. Speak to Realtors Honestly
Your realtor has a job to do and that is to get the best price for your home. However, this does not mean you should take everything they say at face value. If a realtor suggests a listing price that you do not believe is justified, don’t just sit there in silence. Interrogate this and ask them why they think that is a fair price. Honest discussions will help you get closer to the price you want.
5. Do a Little Extra Research
Don’t just leave it all to the realtor. Do your own research to find out exactly what you can expect to price your home for. Use real estate websites to see what homes in your neighborhood are selling for. Don’t forget to look at historical data to see if you can detect any price trends over time. An informed seller will always get a better deal.
More Insider Tips for Selling Your Home
Determining home value is only the first step towards selling your house. For more tips, we have got you covered. In our Money pages, you’ll find the latest expert real estate tips to help you get the right price.
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