Evaluating your homes value for sale can seem like a daunting task. How do you keep yourself detached and realistic about price?
Evaluating your homes value for sale can seem like a daunting task. How do you keep yourself detached and realistic about price? You can rapidly scan the Internet and view listings that have been on the market for months and sometimes even years. In most cases potential buyers are not seeing the value you see in your home.
There are some simple tools that can help you to assess the sales value of your home. A comparative market analysis is one the most effective ways to determine the appropriate price for your home.
A Current Market Evaluation compares your home to other properties that have sold, expired or have been listed for sale your area. I prefer properties that have completed there transaction in the past six months, however a longer time period may be necessary in some regions.
Next the report should take into consideration the feature that are present or not present in the subject property as compared to the comparables. A positive or negative dollar value can be assigned to these features based on market research. For instance a home with a pool sells for $10,000 dollars more than a comparable home without a pool.
Finally if there has been a significant shift in market pricing since the comparable was last active, then you must take the price change into consideration when assigning value to your personal property. It can be difficult to assign value to a home, which you have loved and cared for. As you live in a property you develop an emotional attachment.
In order to be as realistic as possible with the price of your home, have several evaluations completed. The highest evaluation may not be the most accurate. Look at the comparables and the features that they have. Look at when the property was last active. Then compare the evaluations and not your home. This should be easier and less emotionally draining than trying to arbitraly assigning a value to your home then competing
