As a Realtor I get asked this question often. "What do you think my house would sell for?" My response is, I don't know what your house will sell for. I can tell you what I think your house should be listed at to get it sold, but not without knowing more about your property and having an opportunity to do my homework. I don't give ballpark, or off-the-cuff pricing that has no validity.
There are many factors involved in determining the market value of your home. Location, condition, area amenities, the features and benefits of your property, along with reviewing what homes are for sale in your area will all need to be taken into consideration when determining what price to set for your home. More importantly, now read this carefully, one of the best indicators for determining a realistic selling price for your home is to compare it to homes that sold in your general area.
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- Location and area amenities are either going to add value or not. You can not change where your house is located. However, is it near or on the water, is it close to shopping, near parks or recreational facilities, close to major highways for commuters? These are just a few questions that need to be answered.
- Condition of your home can add or subtract value to your home. Have you made any repairs, have you put on any additions, updated the kitchen, bathroom(s) or any other area of the homes? What is the overall condition of your home? A well maintained home will have a greater value than one that is in disrepair.
- Features and benefits of your home. What is in your house? How many bedrooms, bathrooms, is there a basement, is there a garage and how many spaces, what is the square footage, does it have a yard, etc... These are all factors that will add or subtract value to your home. They must be known in order to answer your question.
- Homes currently for sale in your area. These homes will be your competition so we need to know more about them, how they compare to your property and what is the asking or list price.
- Homes that recently sold in your area. There are times when properties have not sold recently (within the past 6 months). There are areas that have only seen foreclosed, or short sale properties being sold. There are areas where there is an overabundance of homes for sale. For most home sellers, these factors can be a significant challenge to overcome. Knowing what has sold in your area is extremely important.
Now that I have seen your house, know more about the location, condition, know the features and benefits of your property, have researched what properties are currently for sale, and what similar homes have recently sold for in your area, I am ready to provide you with an answer to what price I think you should list your house at to get it sold. Now it is your turn to do your homework.
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What you need to do here is make your house appealing to buyers. You want to make sure your home is clean and neat, that visible repairs are taken care of, the yard is maintained and presentable, a coat of paint inside and out never hurt (pick colors wisely), get rid of clutter, and you may want to consider staging.
First impressions are lasting impressions especially with real estate. Make sure your house leaves a lasting impression.
Remember in many instances, you are competing with foreclosures and short sales which turns many buyers into bargain hunters. Buyer's are searching for good deals, or steals. I wish I had a dime for every time I heard, or read about someone "looking for a steal" on a house. They are out there, so don't let them discourage you from your goal of selling your home at a fair price.
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At the end of the day, the true market value of any home is what a buyer is willing to pay. This is why knowing what like homes have sold for is so important.
“Call on Judy at The Green Company”
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Hi Judy -
I have always preferred this answer when speaking to home buying prospects who asked me that very same question (even though I am a mortgage broker)
Well it depends, do you want it to sell immediately for a little less, normal market time for a little more or do you want to wait and see if you can get the golden egg? I agree that comps are the best indication. Not to mention even if they get into contract for more the appraiser is likely to shoot it down anyway!