For Sellers

  • 5 Considerations for Valuing Your Home...
  • Choosing the Right Real Estate Agent...

5 Considerations for Valuing Your Home

One of the hardest parts of putting your home on the market is determining how much the property is worth. Pricing your home properly is essential. If you set the price too high you risk having the home sit on the market for months while strangers troop through open house after open house. If you price the home too low, you will get a quick sale, but you will also miss out on thousands of extra dollars in profit.

Determining a fair price for your home means looking at a number of factors and taking a number of things into consideration. Here are 5 of the top considerations for valuing your home.

#1. The Size of the Lot

The size of the lot is a big consideration for buyers. If your home includes a larger than average lot or additional acreage, be sure the brochures and other marketing materials prominently highlight that fact.

A large lot means a big back yard for growing families, and space to move around for young couples. All other things being equal, a home with a large lot will fetch more than a similar one with a smaller lot.

#2. The Condition of the Home

The condition of the home will obviously have a large impact on its value. If your home needs a lot of repairs, you will need to take that into consideration when setting a price. Sometimes it is worth spending a few thousand dollars on repairs and upgrades in exchange for a higher asking price.

Likewise, a home in excellent condition will likely fetch a higher price, so make sure the RealtorĀ® knows about any recent upgrades or renovations. Things like a new roof, a remodeled kitchen or bathroom and an updating heating and air conditioning system can make the home more sellable and increase its resale value.

#3. The Presence of Desirable Amenities

If your home is packed with amenities buyers crave, you can probably get a premium price when you put the house on the market. Some of these in-demand amenities include granite countertops, stainless steel appliances, steam showers, hot tubs and extra storage.

If you are selling an older home, making a few strategic upgrades now could boost the sale price substantially. Just research the cost of the upgrade and compare it to the increase in resale value that could result.

#4. Comparable Sales

Knowing what other homes in your area have sold for is essential, and a great way to accurately value your home. You can use a number of online resources to check the sale prices of neighboring properties, but your real estate agent will have access to even more information. Always ask your RealtorĀ® to check comparable sales, and keep checking those sales as you set the asking price.

#5. The Current Real Estate Market

This one is out of your control, but it is still important. The current state of the real estate market will have a profound impact on home prices, and you should take it into consideration when pricing your home.

If you are lucky enough to be selling in a hot market, you will probably be able to fetch top dollar for your home. If the marketing is softening, or worse yet, collapsing, you may need to adjust the price lower to attract a qualified buyer.



Choosing the Right Real Estate Agent

.Selling your home is a complicated matter, and it is important to have the right professional in your corner. Before you put your home on the market or set an asking price, you need to interview local real estate agents and choose the one you think will do the best job. Here are a few things to think about as you interview real estate agents.

Local Expertise

There is no substitute for local expertise when selling a home. The real estate agent you choose should have extensive knowledge of the neighborhood and the surrounding area.

Ask the agents you interview how long they have lived in the area and assess their familiarity with the region. The more they know about the neighborhood where your home is located the easier it will be for them to attract would-be buyers.

Proper Licensing

Real estate agents are required to be properly licensed, but the licensing requirements vary from place to place. Research the laws in your state, and always make sure the agent holds the proper licenses and accreditations.

Experience

Even the best training cannot prepare real estate agents for every potential scenario. That is why it is so important to work with an experienced real estate agent who understands the area and the local real estate market.

Always ask potential real estate agents how long they have been in business and how many years of local experience they bring to the table. It is also a good idea to look at industry awards and accolades, since they are generally given to the best and most expert agents.

References

Asking for, and checking, references, is an essential part of the vetting process for real estate agents. Always ask the real estate agents you interview for a list of their most recent clients, and contact those clients as soon as possible.

Ask lots of questions when interviewing those former clients. Find out what they liked about working with the agent, and what they thought the agent could have done better. The honest feedback of former clients is an essential piece of information – and one you should make the most of.

The Commission Schedule

Always ask how the agents are compensated for their time and expertise, and make sure you understand all the costs of selling your house before you make a final decision.

Your choice of real estate agent will have an impact on everything from how long it takes to sell your home to how much you can get for it. The tips listed above can help you choose the best agent and get your home sale off to a great start.



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