3 easy steps to determine your home’s value in any market
“WHAT IS MY HOME WORTH?”
That’s what sellers really want to know, right? Well, hold on just a second! Believe it or not, there are some other considerations that will help answer that question.
- Timing How fast do you want to sell? Do you have another home that you want to purchase quickly? Are you moving locally? Are you relocating out of the area? Basically, how quickly do you need to act?
- Improvements Have you made any improvements to your home since you purchased it? While you may not get a dollar-for-dollar return on your investments, knowing which major updates are needed (such as the roof, electrical, plumbing, heating and air, AS WELL as cosmetic updates) will help determine the value and ultimately the listing price.
- Deferred maintenance It is easy to overlook “minor” maintenance items while you live in a house, but when you list it for sale those items really stand out to buyers.
Bottom line
How much money a seller has invested in the house and in improvements does NOT translate into the value of the home. Only the market determines the home’s value. While agents look at sold comparable properties to determine the value, often the best indicator of value is the current active homes that it will compete with when listed on the open market for sale.
Don’t overcomplicate the sales situation with “absorption rates” or other real estate speak. Just use these 3 qualifying factors above to determine market price!
The price is set? Let the fun begin! Sellers: put your best foot forward AND hire the right agent! Let’s chat!
