Selling your home is a task that should be done with the guidance of a professional real estate agent.
When setting a price for your home, know that “value” is a subjective term. What one buyer is willing to pay for your home will be different from another. To attract buyers, you must price the home in a way that hits the “sweet spot” while remaining competitive.
Here is what you need to know about determining your home’s value before you sell:
Get The Home Professionally Appraised
Some sites like Zillow will estimate the value of your home for you. This is a good starting point to get an idea of how much your home is worth but you should not rely on it. It is best to always get your home appraised by a professional appraiser.
The job of the appraiser is to be impartial and to get an estimate through thoroughly researching the property and touring the premise.
Location & Comparable Homes
The value of your home will take into account some things that you have no control over, such as location (if you did not build your own home) and surrounding amenities.
- What school district is it in?
- Is the neighborhood safe?
- Is the home close to necessities like work, highways, schools, and shopping?
For example, in 2017 over 54% of buyers preferred to purchase a home that was in a subdivision or the suburbs.
Renovations & Repairs
Any renovations and repairs you have made to your home will affect how much your home is worth. For example, if you put in a new tankless water heater or any other new appliance or feature, that will boost your home value.
But avoid falling into the trap that an update or repair to your home will boost your home value. If you have a new roof and plumbing but the home is reminiscent of an Eighties home magazine, buyers may hesitate to spend the money to remodel later.
The Size & Age Of Your Home
How big is you home and how old is it? Newer homes tend to be priced higher than older homes since they come with modern conveniences and better energy efficiency.
Homes with more bedrooms and bathrooms can also price higher. In fact, according to the National Home Association of Home Builders, each half bath increases your home value by 10.5%, while a full bath adds around 20%.
Always Work With An Expert
When pricing your home competitively and attractively always work with an expert. An experienced agent such as those here at Eric Merchant will have methods of determining home value thanks to resources such as a Comparative Markey Analysis (CMA)