Determining how much your home is worth is essential when selling your home. It can also help you determine how much your home has appreciated and how much money you will get out of your home when you sell it.
Ultimately, the value of a home is not something that is fixed and you have the option to price your home how you would like to price it. However, the price needs to be reasonable enough that buyers are going to be attracted to your home while still making you a return. This post offers a few tips on how to settle on a value that pleases you and buyers.
Check local house listing prices
If similar-sized houses on your street have recently gone up for sale, consider looking into the price of these properties online. Most houses for sale are now advertised on listing sites, so it’s possible for anyone to check out the price. If no houses on your street are up for sale, consider similar sized houses in your general area. The average price of these homes will give you an idea of how to value your home.
Try a house value calculator
House value calculators can be found online via many different sites. They require you to enter information such as the zip code, address and number of bedrooms. They then work out an estimate on the value of your home by scanning data on past similar house sales in the area and general market price trends.
Use a real estate agent
Another option could be to hire a real estate agent to carry out a home appraisal. This involves allowing an estate agent to look around your home and then come up with a value based on their knowledge of the local market. A real estate agent will consider the unique interior and exterior details of your home which could affect the price. For a truly credible valuation, consider arranging multiple appraisals from different real estate agents to see if two or more of them agree on the same figure.
Talk to your neighbors
There could be neighbors in your area who have recently moved into a house or condo that is similar to yours. While you may not be able to access the listing anymore to check the price, you can always ask your neighbor directly as to what price they bought their home for. Given that negotiations can sometimes happen and the end price may not always be the price advertised at the beginning, asking buyers can often be a more accurate way to determine the selling price of properties in your area than looking at listings.
Weigh up improvements and faults
It’s important to consider any improvements you’ve made to your property that could boost its value. Similarly, you should consider any faults that could drag down the value. This is important when comparing your property to other similar properties in the area – your home could be more or less valuable if it has certain features that other homes in the area don’t possess. A real estate agent may be able to pick up on these features, but some may be hidden such as insulation upgrades or HVAC upgrades, and could be worth mentioning to an agent for an accurate valuation.
