What is Your Home Worth?
There
are many
new real estate
websites out
there that claim
to "value" your
home based on a
mathematical
formula. By
clicking through
aerial maps and
entering in
addresses,
you can see the
"current value"
of your home and
your neighbors.
However, many of
these sites base
their
calculations
solely on tax
valuations and,
as such, do not
give a clear and
accurate
portrayal of
your home's
value. While
they can be a
good place to
get a feel for
current home
prices, I
certainly would
not
recommend using
them as a
reliable source
of information
when valuing
your home.
Truth is, there
is more involved
in pricing a
home than just
tax data. Many
factors need to
be
considered, such
as recent
remodels and
updates to
your home, how
interest rates
and job growth
are affecting
your local
market and
comparable home
sales in your
neighborhood.
To determine
what your home
is worth,
or your home's
market
value, I prepare
a comparative
market analysis
(CMA). Taken
into
consideration is
the square
footage values
of comparable
houses, market
statistics,
pending and
recently
sold properties,
and even houses
that failed to
sell. I often
will, if I
haven't already,
preview all
active listings
that will be
used as a
comparable to
your home. Most
importantly,
even before I
can even begin
to prepare your
CMA, I need to
come and see
your home. How
else will I be
able to take
into account
recent
improvements you
may have made
to your
property, as
well as other
amenities that
make your house
more or less
marketable?
Want
to receive a
complimentary
CMA from
me? Email me at
betsyburroughs@cbbain.com.
When to sell?
Sell now, or
wait until
prices go up?
Unfortunately, I
do not have a
crystal ball to
help you with
this. Reality
is, there are no
guarantees in
real estate. The
best one can do
is make educated
guesses with the
information at
hand.
But, what I
can tell you
based on
historical
data, is spring
and early fall
are often good
times to put
your home on the
market. You
aren’t competing
for buyer’s time
with the winter
holidays or
summer
vacations, and
the weather during
these times
often makes your
home
more aesthetically
pleasing to
buyers.
Most
common mistake
sellers make
Overpricing
your home!
Yikes! Many
sellers ask
if they can just
“list high and
see what
happens”. If it
fails to sell,
they'll just
lower the price
down the road.
While great
in theory, this
strategy is
selling suicide.
Statistics show
that the first 2
weeks a home is
on the market is
when you see 80%
of attention
from buyers.
After this time,
the attention a
home receives
decreases
rapidly. When
you price too
high at the get
go, you
eliminate
otherwise
interested
buyers because
you’re above
their price
point.
Listing the
home at market
value, not above
or below, is
proven the most
effective way to
sell your home
quickly and for
the highest
price possible.
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