Determining Your Home’s Value
You have decided to sell your home, but before you can list it you will need to determine a selling price. Determining your home’s value is not the easiest of tasks, but it is one thing that you will need to spend some time on. It is important to set the price at a realistic point because setting it too high will scare potential buyers away from it and setting it too low will take money out of your pocket. Here are some tips and strategies to keep in mind when attempting to determine the selling price of your home.
Take All Features into Consideration
There are literally thousands of things to take into consideration when determining the value of your home. Some of the biggest factors that will decide the price of your home include size (square footage), number of bedrooms and baths, location and the overall condition of the home. Although specific features can be good indicators of home value, it is impossible to determine a price from them alone.
Find a Realtor
Realtors can be a great tool in figuring out the listing price of your home. These professionals can offer valuable insight from the real estate market because it is what they do for a living. If you contact a popular realtor there is a good chance that he or she has sold other homes in your area. A great way to determine the average value of a home is comparing to the prices that nearby homes sold for. A realtor will usually help you determine the price of your home free of charge if you list your home with that realtor.
It can be helpful to get a rough idea of the value of your home before contacting a realtor for a variety of reasons. Large real estate companies, like realestate.com, now offer online tools that can give you a rough estimate of the value of your home. If you go to realestate.com, you will find their Price CheckSM tool. After you input information about your home, this tool will generate a value based on the selling prices of similar homes in your area.
Set Price According to Your Needs
The value of your home can also depend on the needs of you and your family. Do you need to sell your home desperately? Can you afford to sit on the home and wait for it to sell for a certain price? Are you flexible on price? All of these questions can affect the value of your home. If you are not in a hurry to sell your home then you have to opportunity to list it at a price slightly larger than its true value. You can be picky when accepting offers and the like. If you need to sell your home quickly then you may have to accept an offer that is slightly lower than the actual value of your home. This is an unfortunate event, but you have to do what needs to be done.