What's my house REALLY worth?
In short, it's worth what someone is willing to pay for it.
Generally, it's all about location, size, condition and special features. Some websites, Zillow, Trulia, Realtor.com, just go for the generic information, i.e. location, size, etc. That can be very misleading. I looked up my property on several different sites and found a big difference between them. One had it very low, $350,000 while another had it too high, $485,000. So, who is correct?
As a Realtor with sales experience in my neighborhood, I believe I'm better to know local value, then some computer out in Montana, or even Brooklyn. Again, these computers use a very generic approach to value. So let's take a look at why someone would want to buy a property. For this exercise I'll use myself as the example.
When I purchased my house back in 1996, I was not in the real estate business. I was looking for a property with specific attributes, it had to have a garage, not on a main street, had a little extra room between houses, and was close to my job, I wanted an easy commute. Also a unit that was in my budget, condition was flexible, I knew I could fix it up to what my wife and I wanted.
When we saw the house, we knew we liked it right away. First impression. I loved the backyard.
We also realized it needed some TLC, so we figured out a plan for improvements and made our offer. We had a vision. What sold me was the rear porch and backyard. I added the fireplace later, along with many other projects.
Our offer was accepted and $80,000 later, what we spent on renovations, our new home was "finished". I say that tongue in cheek because any homeowner knows it's never really finished. There's always something "to do".
I was asked to market a unit down the block from me, and while doing an open house a buyer told me that he saw another house that was better then my listing and was lower in price. When I asked him why didn't he buy it he said, "I didn't like the location". That's real estate 101.
Now you ask, how can we find a buyer that wants the same thing I wanted when I bought my property and is willing to pay top dollar for it? That's how we separate the amateurs from the pros. Marketing and exposure is a Realtors' best assets. See more on how I market Real Estate on my website. Http://www.kennethcolerealestate.com, You can call me for a casual conversation on the value of you property, just put the coffee on, write down your questions, and I promise I'll not try to get you to sign anything while I'm at your home. I will promise to be very straightforward with you, I'll show you how you can make small fix ups that can save you thousands should you choose to put your house on the market in the future.
One hour to pick my brain, free of charge. Call me at 917-696-0275
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