If the time has come for you to sell your home, you’re probably looking at a formidable to-do list. You need to prepare the house for the market, hire a realtor, plan your move, and more.
But have you stopped to think about how much you’re going to list your home for? Do you know how much your home is worth?
If not, now’s the time to slow down, take a step back, and identify the market value of your house. We’re here to show you how. Keep reading for a quick guide on how to determine your home value.
Understand How the Condition of Your Home Affects Market Value
First, let’s talk about the condition of your home. Homes in disrepair hold a much lower market value than homes that are move-in ready. However, “disrepair” can mean any number of things, depending on who you ask.
There are major issues like water damage, distressed roofs, and mould that can make the price of a home plummet. However, even small things, like cracked and peeling paint can disqualify your home for some lenders or turn buyers away. Ultimately, this all means one thing – a lower sale price.
To understand where you sit, it’s advisable to get an official home inspection. This will help you uncover any major or minor issues with the home. Based on the results, you can decide if you want to complete repairs or renovations to boost your market value.
Alternatively, if you don’t have the means (time, finances, or desire) to invest in renovations, consider selling your house as-is. This can be done quickly and conveniently through cash home buyers like charlesbuyshousesfast.com.
Ask a Realtor to Conduct a Comparative Market Analysis
Next, if you’re working with a realtor to help you sell your house, they can help you determine your home value. They will be able to conduct a comparative market analysis of the homes that have sold in your neighbourhood in the last few months.
Location and time are incredibly relevant to these comps. The exact same home in one neighbourhood could be worth thousands of dollars more in another. Furthermore, the real estate market fluctuates constantly, which affects home values.
Get an Official Home Appraisal
Lastly, if you’re planning to sell your home traditionally, you might be required to invest in an official home appraisal. These are conducted by third-party professionals who have no ties with the lender, buyer, seller, or either real estate agent.
Official home appraisals will tell you exactly how much your home is worth in the current real estate market. And, as noted, they might be required for certain lenders. Some lenders won’t approve offers on homes without an official valuation.
Do You Know the Market Value of Your Home?
Before you list your home, make sure you understand the appropriate price range under which to list it. If you list your home for too much money, you’ll lose out on potential buyers who would otherwise be interested in making an offer. If you list it too low, you could lose out on a lot of money.
Follow our guide to find the fair market value of your home. And if you’re looking for more selling tips, browse through some of our other articles before you go. Our blog is full of real estate advice to help homeowners like you.
