Most homeowners keep a general idea of what their home is worth. If you’re considering selling your home, however, a “general idea” is no longer enough. You’ll need to set a specific price that you ultimately expect someone to pay in exchange for your home.
Figuring out that price is a bit of a process.
Houses are very unique, and their value is determined by a number of factors. But before you dive into what those factors are and who can help you navigate them, you need to approach things with the right frame of mind.
Determining your home’s value isn’t necessarily about setting and justifying the highest price point possible.
It’s About Finding the Right Price
Yes, you ideally want to get as much money as possible for your home. However, you need to also set the price at a level that’s fair and attractive to potential buyers. Price it too high, and it can stagnate on the market. The longer a house is on the market, the less attractive it can become to potential buyers.
Now, you don’t want to undervalue the home since it’s difficult to raise the price after it’s on the market. And while you can always lower the price after it’s listed, it’s generally best to find the right price the first time around.
How do you do that? There are a few ways.
The first and simplest way to get a respectable idea is to check online. By simply googling your address, you’ll likely find links to Zillow and similar websites that will give you current market value estimates for free. While this will provide a solid idea of what you’re working with, you shouldn’t by any means take this as the final word.
Before you put your home up for sale, you’ll want to go further.
Compare It to the Market
The actual value of your home is in constant flux. One of the best ways to get a pulse on a current price is to look at other similar homes that have recently been sold in your area. This is done through a comparative market analysis.
A comparative market analysis is carried out by a real estate agent. They’ll measure the value of your home against current market trends, recent sales, your surrounding community, and more. This will give you an estimation that’s more relevant and personalized than what online tools can provide.
While agents will typically offer this service for little to no cost, they’ll generally do so under the expectation that you’ll use them as your listing agent. It’s not something you have to do, but it’s worth keeping in mind.
This certainly isn’t a bad stage to choose an agent to work with. After all, you may decide to place your house for sale based off the comparative market analysis.
Or you might want a more in-depth evaluation…
Have it Appraised
As a seller, you don’t have to have your house appraised. Buyers, however, will need to hire an appraiser before they can be approved for a mortgage. So then, is it worth it to hire your own appraiser first?
It can be.
Having your own appraisal done can give you better leverage in your asking price. In addition to measuring your home against the market, they’ll take a deeper look at the condition and characteristics of the home itself. They’ll likely be able to point out small fixes that can save you some negotiation time down the road.
They’ll also prepare you for some of the questions and comments you’ll likely receive from potential buyers. An appraiser isn’t always necessary for someone selling their home. Your real estate agent will be able to help you with this decision.
Use Realtors Sooner Rather Than Later
Even in the initial stages of determining value, a real estate agent can be a great asset to have by your side. They’ll be able to help evaluate your home’s worth and advise whether or not you should hire your own appraiser.
But why use one real estate agent when you can have the resources of an entire team?
Always Sunny Realty is a unique real estate company with NO independent agents. That means our entire team of certified Realtors work together to ensure you make the right moves and sell your home for its maximum value.
For a listing agent in the Dayton, Ohio metro, contact Always Sunny Realty today!