So, you want to sell your home. Knowing the value can be an important factor while
pricing your house when you put it on the market. The value of a house changes
with numerous factors including the neighborhood around it, local house
marketing, age and remodeling etc. You need to figure out what your home is
worth properly because, if
your home is overpriced for your area, buyers will shy away from it, whereas an
underpriced home will puzzle the buyers. Further, you have to compromise with
your profit too. If you want to get the best deal for your home, then you have
to price and present your home properly.
The
market eventually determines the true value of your property. Here are some
points to consider before comparing your home to similar properties and setting
up a competitive list price-
·
Size
·
Location
·
Community amenities
·
Condition
·
Financing Options
·
Buyer supply
Pricing your home correctly means:
ü Higher exposure to more potential buyers
ü Your home does not lose its ‘marketability’
ü Higher probability of quick deals
ü More competing offers for the price closer to market value
Market analysis - You should get to know about
the market to find out the current trends and what today’s buyers are ready to
pay for a home. In this analysis, you need to evaluate the market activity of
homes similar to yours in your area. The homes sold or listed for sale currently
represent the value sellers hope to gain. Typically, the listings that have
expired are of either poorly marketed or overpriced homes. You can hire an
agent who will prepare a competitive market analysis for your home on the basis
of the most current market information. You can thus set up the proper list
price for your home.
MARKET PLAN-
For many of us, a home is the largest asset. It
is not something we put on sale daily. As a property is slightly complex to
market, you need to be well organized. You need a marketing plan to organize
the process. Depending on your needs, your agent will prepare a personalized
plan for you. It will contain all activities proposed to market your home
including online promotion, mailings to probable buyers in your area, MLS
services, etc.
·
Pay
for an appraisal- The simplest way to find out your home's value is to pay for
an appraisal, and set a price of your home close to this price. You can get a
by-unit comparison appraisal to similar property in your neighborhood. It will
cost you money. However, you can have in writing a professional appraisal on
your home that can be displayed to potential buyers. This can be an added advantage.
Look for a certified
appraiser who can provide an appraisal establishing the number of construction
quality, rooms, square footage and size, etc. After reviewing the recent
comparable sales; the appraiser will determine the estimated value of the home.
·
Real estate agents- You can consult 3-4 real estate agents
in your area. While interviewing a realtor, talk to an agent directly. Tell him
clearly if you are planning to sell your home yourself. Remember, an agent's
services are free to the buyer.
·
Use the Internet- With technological advancement, you can
now avail a wealth of information quickly. You can now use it for calculating
your home’s market value. While using this method, make reasonable comparisons
to avoid wrong estimates.
·
Understand the changes and evaluate the Housing Market-You
can observe pricing trends to determine the market value of your home.
Remember, the housing market will not always give the most precise impression. So,
you need to gather the details and evaluate the housing market to determine the
price.
You can employ one or a multiple
of the above mentioned methods to formulate a reasonably accurate price range
for your home. This will help you determine the value of your home.
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