What is my Home Worth?
Have you ever relied on your Tax Assesement to know your Home's value?
Maybe you've searched online Ads or Home Listing Websites for House Values?
A client recently asked me why Zillow had her home listed as being worth only $228k; she paid $379k 9yrs ago. She went on to say, she click on a "Home Values" site for a free estimate, they had her homes' value at $180k! And the sales comps they used dated back to 2012 & 2013, so she knew it wasn't even near recent market value! I told her not to worry, these online sites are rarely the actual market value.
DO NOT DESPAIR!
I pulled comps for her neighborhood and called her back. Listen I said, "the market is down, but it's also coming back....so based on the recent sales of smaller or less comparable homes in your neighborhood and the improvements you made to the home, I know realistically I could list it for $299k....YES, $100k less." The heartbreaking part is all the work they had to do to bring the 1950's home up to date; New Kitchen, New Appliances, New Open Floor Plan, Removed Carpeting & Refinished the Hardwood Floors, New Windows, New Bathrooms....YIKES!
After we talked about all she had done, I said...."Weeellll....maybe we can showcase your home and ask for $325k" BUT, I warned her if we got absolutely no action, she would need to adjust her asking price within the month if nothing happened. I told her we would do a Sales Push like a "Full Court Press" (this is when an aggressive team pounds the other team relentlessly) We would try higher for the first 30 days.
BROKER's & PUBLIC OPEN HOUSES, EMAIL Invites to Agents, Offer a 3% commission to the Buyer's Agent if they bring an offer in the first 30 days....and so on. She agreed to try it and was willing to reduce to the original value I found for her street, if there no offers came in. Now, keep in mind, her property is excellent...she has 2 parcels, almost 3 acres and a pool that the other sold homes on her street don't have, so WHY wouldn't I try harder for a higher sales price?
The moral of the story is, call your Realtor, Don't rely on internet websites for your Home's Value!
Fair Warning to Homeowners Looking ONLINE FOR THEIR HOME'S VALUE:
Using Zillow, Trulia or Online Market Ads to find what your home is worth, is not absolutely the truth. These sites simply can't be perfect....don't get me wrong many sites are wonderful tools for sellers/buyers to use. Both Seller's & Buyer's need to consult a local Real Estate agent that knows the housing market well and can provide proof of the current market values. We do this by creating a specific CMA, Current Market Analysis to matches a homes' criteria and selling points to show the possible market value.
USE A REALTOR: Buyers know they aren't over paying for a home....and
Sellers know they are listed at the right price to sell their home....
Seller's have to educate themselves also....I would highly recommend taking a field trip w/your Agent to view your competitor's....you need to know what you should be priced at to sell.
Looking to find out "How Much Is Your Home Worth?" Give me a call. I service Dutchess County NEW YORK, primarily but I also list homes in Orange, Putnam, Westchester & Ulster County...
Check out my website at MyDutchessRealtor.com