Home values have gone up by over 10% in the last two years and are set to rise by another 3% in 2016. What does that mean to you? If you own property, it means now could be a great time to sell and make a nice profit. But how do you price your home to make sure you get the most money you possibly can out of it? Read on for some tips from our expert team of real estate pros.
First – Use Online Calculators:
There are various free online calculators that can provide a ballpark estimate of how much your home is worth. These calculators use factors such as location, number of rooms and square footage to determine an estimated home value. We recommend you use Zillow’s home value estimator and Redfin’s home valuation tool to pinpoint a good starting point.
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Second – Look Up Prices for Similar Homes in Your Neighborhood:
Now that you have a basic idea of what your property is worth, it’s time to take your location and neighborhood into consideration and determine how they impact your home’s value. This step will help you determine whether the online calculator estimates you got are high, low or fairly accurate. Go to popular real estate sites, look up homes for sale in your neighborhood and see what they’re listed for.
For the most accurate results, make sure you focus on homes that are as similar to yours as possible. That means you want to look for properties that have the same number of bedrooms and bathrooms and similar features that are within a several block radius of your home. Write down prices for the properties you find – you’ll need them later.
Third – Consider Hiring an Appraiser:
Hiring an appraiser costs money but it can be a good way to get an accurate valuation of your home. An appraiser will examine your home carefully and consider its layout, amenities and defects to determine what your home is worth. Having an unbiased third party opinion can be very valuable, especially for soon-to-be-sellers who are very emotionally attached to their home and are prone to over-pricing. You can then compare the valuation you get from the appraiser to the other figures you collected to get a pretty solid idea of how you should price your home.
Once you’ve taken the steps above to do some basic research, download our Home Seller Pricing Worksheet to use the data you gathered to figure out the perfect list price for your home.
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