How Much Is My Home Worth?
It’s one of the big questions all of my potential clients ask– how much is my house worth?
The answer takes a lot of different facts and figures into consideration. It’s not as simple as some may think. There’s many third party real estate sites out there that pull in data from various sources to come up with their home value estimates. If only it was as easy as that! How simple would my job be!
The other day I saw one of these sites quote a property’s value at $80k over what it sold for two weeks prior. I must admit I laughed out loud. Knowing the neighborhood, the history, the qualities of the home and the fact that it didn’t achieve $80k worth of value over a 2 week period gave me peace of mind. An online database is not able to replicate one of my most valuable assets and that is knowledge.
My team and I do a lot to get buyers into our seller’s homes. Marketing, open houses, social media, staging– the list goes on. However, no buyer is going to be motivated enough to even walk through that front door unless we accurately assess the market conditions and set an accurate sales price.
OVER PRICING
If we start our pricing too high, we could alienate some buyers and scare them from even looking at the property online. The longer an overpriced property sits on the market, the longer the list of questions buyers will have starting with “Is there something wrong with the house?” The house? No. The price? Yes. To find the sweet spot for a home price, we research similar homes in the area and account for a wide variety of items like size and amenities.
FEATURES OF YOUR HOME
We are also on the look out for things that may make a home stand out from the rest. Does it have a garage? Is that a new roof? How close is it to the metro? I’m proud of my team for their rigorous analysis of the features and improvements of a home to develop a clear representation of price and value.
PRICE IS RIGHT
At the end of the day, our sellers have the power to list their homes for whatever price they want. It’s their home. Their name is on the title. With the amount of analysis and data we give to our clients, we are confident we will come to the same conclusions. When a home is priced right from the get go, that’s when it catches the eye of a buyer and drives their intrinsic need to call it their home.