Seller Advice: What is the Real Value Of Your Home?
Are you excited about the profits you can make by selling your house? Most of the home sellers have a complete roadmap to their real estate success including paying off the current mortgages and saving enough money for the down payment of the next house. However, it is not about the value that you consider your home to be worth, but the money that the potential buyer is willing to pay.
5 Unrealistic Indicators of Property Value
If you are working to price your property right, here are the six indicators that you need to avoid before making the final call.
- Homeowner insurance: Insurance companies estimate the price of replacing your house apart from the cost of the land, so if you are planning to use your homeowner insurance as the current value of your house, you are just being unrealistic.
- Purchase price: It doesn’t matter that how much money you did or did not spend on purchasing your house. The purchase value is a delusive parameter because the value of your house keeps going up and down with time.
- Tax assessment value of property: You might fantasize about receiving a similar value as that of your tax assessment; however, the real market value of your property might be lower or higher than the algorithmic estimate.
- Mortgage balance: Never choose a listing price depending upon the mortgage balance. If you have paid a major portion of your mortgage and your dues are lower than the market value, then you have some positive equity against your property.
- Expected value: Never let your imagination cloud your judgment, especially when it comes to the evaluation of your property. A lower-priced property will end up with loss whereas a higher priced property would make you wait for several months. It is smart to get help from a realtor® and choose a realistic value of your property.
What is the key to comparative market analysis?
Start with an experienced Realtor® on your side and get an estimate market price for your property. Experienced realtors consider different factors before making a final call including:
- Local market knowledge
- Right parameters for comparing similar properties
- Analysis of properties not sold or successfully sold in past 6 months
- Condition of property, neighborhood, amenities, and proximity to these amenities
It is always tempting to choose a higher value for your property; however, the right way is to choose a listing price after proper evaluation and put up a price that sells.
For assistance in pricing your home for the Market
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