Evaluating Your Home
Real Estate

What to Consider When Evaluating Your Home

Deleted: If you’re considering selling your home, you’ve probably wondered “What is my home worth? It’s tough to determine your home’s value because “value” is subjective; one buyer may be willing to pay more than another. So how do you find that middle ground, meaning a listing price that will attract buyers and help you reach your goals? Consider the age of your home and square footage, what are comps selling for, recent renovations or repairs? Below are a few things to consider when evaluating your home.

Hire a professional appraiser

Pricing or evaluating your home is one of the hardest and most important tasks in residential real estate. The wrong price can hurt you in two ways if the asking price is too low, the sellers will end up leaving money on the table; if the price is too high, they won’t tap into the right target group, will lose a lot of time, and may then end up selling for even less. Find an appraiser who is licensed and located in your state, as they’ll tend to have more familiarity with properties where you live. You’ll also want to ask potential appraisers about their experience, and references. A house appraisal costs between $350 $700.

Work with a realtor

When you’re selling your home it can be tempting to try to sell it yourself, without an agent. Some folks think they will save money or a realtor won’t make a huge difference in a sellers market. Consider how a realtor’s experience can help you get your house sold. They’re the ones that know everything from regulations to tiny things like the best place to look for buyers. A real estate agent knows about contracts and closings. Working with an agent to sell your home is going to take a lot of stress off of you, and may even get your home listed and sold more quickly.

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Look at comparable homes

Comparing comps will give you a realistic idea of what your house will sell for. Your real estate agent will likely pull some recent comps and suggest a listing price. House comps are a key component when selling your home. They can help you determine a realistic listing and sale price for the home you’re selling. When looking for comps, make sure you research to find ones that are as accurate and as similar to your home as possible. Tips be sure the comp homes sold within a few months, compare the same number of bedrooms and bathrooms, same age homes and don’t compare comps with homes that are on the market and have not sold yet.

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