How can you determine the value of your home? It all starts by looking at comparable homes in your area.
If you’re thinking of selling, how can you determine your home’s value?
First of all, you should start by looking at comparable homes in your area. Recently sold homes in the same subdivision, homes within 10% of your home’s square footage, and homes with similarly-sized and shaped lots will make for good comparisons.
Additionally, make sure the comparable homes you look at are not across a major street and have the same number of stories as yours. These items will give you a general idea of your home’s value.
To further refine this range, consider the condition of your home compared to that of similar properties. A home that has been recently renovated to the standard of other homes within the neighborhood will fall on the higher-end of the price range.
Start by looking at comparable homes in your area.
A home in need of repairs, however, will be at the lower-end of the range.
Beyond just considering the condition of your home and homes similar to it, you should also look at the market itself. Determining whether your area is in a buyer’s or seller’s market will help you predict how pricing trends are moving—whether they are going up, going down, or staying relatively the same.
Figuring out how to price your home will be a very similar process to determining its value. This time, however, you’ll want to limit your home to comparables that are currently for sale.
When it comes time to list, you may want to consider listing slightly below market value in a buyer’s market. In a seller’s market, though, you can get away with pricing slightly above.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.