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What is the Market Value of My Home in Richmond, TX? And Why Is it Important?

By The Julie Morales Team

Real Estate Agent with RE/MAX Cinco Ranch License #0574076

April 03, 2015 06:24 AM

What is the Market Value of My Home? And Why Is It Important?

The Goldilocks Effect

Knowing the market value of your home is the first step in securing your home for its big sale! Pricing your home at a near-perfect market value will help you sell quickly and at the highest price possible. It is similar to the Goldilocks Effect!

If your listing price is too low, you will lose money on the sale of your home. If it is too high, the open market will not take to your home and it will not sell. That is why the listing price must be just right!

Factors That Can Increase Market Value

Good schools
A functional and desirable floor plan
A large and private backyard
A well-maintained and neat appearance

Amenities such as updated bathrooms, upgraded lighting, hardwood floors, stainless steel appliances, and tile also raise the market value. The market value is what a person is willing to pay for your home. It is a subjective number that can be increased or decreased according to different factors.

Comparable Homes Matter

“Comps” or homes that are comparable to yours are another way to determine the market value of your home. These “comps” are derived from homes within your neighborhood and also from surrounding neighborhoods. It is helpful to have MLS access to acquire these numbers.

It's All About the Agent

After careful consideration, your agent will present you with a suggested listing price. Your agent is an expert in this field and will be able to determine the best price for your home. But ultimately, you are the person who will determine your home’s listing price.

A great agent will keep you informed and make you feel a part of the process. As a seller, you should feel confident about the listing price of your home. And hopefully, you can also learn something along the way!

If you are interested in estimating the current market value of your home, CLICK HERE and search for recently sold properties in your area to compare! Or contact Julie Morales at 832-367-3412 to get a full in depth evaluation.