How Much Is My House Worth?

By
Real Estate Agent with Keller Williams Hometown 0564938

How Much Is My House Worth?

How much is my house worth

 

 

So you are thinking of selling your home. You just talked to 3 different Realtors, 5 neighbors, and your best friend. The Realtors' estimation of your home's value ranges about $30,000. Your neighbors think you can get $20,000 more than the highest Realtor's estimate. And your best friend has sold 6 homes before. Who do you listen to?

 

 

We are programmed first to trust our friends and neighbors, and take their advice over the advice of a stranger (the Realtor).  Who wouldn't, if they are good friends and neighbors they have probably never let you down before.  They are most likely looking out for your best interest, and in this case selling your home for the most money.  The question to ask yourself is this.  What do your friends and neighbors do for a living?  What is their area of expertise?  If they do not spend their days analyzing the real estate market in your area then you should not be taking their advice over that of a real estate professional. 

Do all realtors give good advice? The answer is most definitely NO!  There are many Realtors in the industry who will do anything to get a listing.  They will tell you what you want to hear, sugar coat the market conditions, and price your home $40,000.00 above actual value.  They know you have locked into a six month listing agreement, and that after a few months you will get desperate enough to reduce your price to where it should have been at the start. 

What do you do?  Interview Realtors.  Be sure to interview more than one.  When you interview the Realtors be sure to ask them to show you the comparable properties that have sold within the last six months on which they are basing their listing price of your home.  Take the time to make sure they are the most comparable to your property.  When putting your home on the market, price it according to the facts and statistics.  Overpricing your home will cause you to lose thousands of dollars in the long run.

Comments (3)

Steve Merson 512 412 1621
Keller Williams Realty - Austin, TX
CNE, e-PRO

Hi Andrea,

Thank you for that very informative and well written post.

Steve

Aug 11, 2010 11:05 AM
Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

The same thing can happen with buyers.  Their uncle is an expert because he buys rental properties five states away.  He tells them to start with a low offer---usually low enough to offend even the most reasonable seller.  I am amazed at the people who choose to listen to someone who has purchased three homes in a lifetime over their realtor who sells 60 - 70 per year!

Aug 11, 2010 11:12 AM
Andrea Kappre
Keller Williams Hometown - Mantua, NJ
New Jersey Realtor, New Jersey MLS, Homes for Sale

Pat - I couldn't agree with you more!  I have been in that situation more than once.  It is very frustrating.  Thats when I decided it was best to show buyer's comps before they submitted offers. (sometimes it helps, sometimes not so much ;)

Aug 11, 2010 11:16 AM