Establishing Value

The first thing you need to know when selling your home is the value of your home. Although nobody can predict what your house will sell for, a real estate professional can give you a Competitive Market Analysis of your property that will show you what similar homes have sold for in your neighborhood and establish a price range that yours may sell in. Establishing a price range is important since no two homes, or no two buyers are exactly alike. What one buyer will pay for an extra bedroom may not even come close to what another buyer would pay. Another common misconception is that property always increases in value and that the cost of an improvement will add to the value. Although, historically, real estate has always been a good investment, real estate values can go down. Some improvements can add no value, regardless of the cost. Other improvements may add much more to your value than their cost. Pricing your home too high or outside of that price range could cost you thousands dollars in the time it takes to market your home or in the loss of the buyer who would have paid the higher end of your range. The buyer who will pay you the most money for your home at any particular time is most likely working with an agent and waiting for a home to come on the market in your community. If your home is priced outside of the normal range, they may never look at yours at all. Even if they haven’t bought anything later on when you have lowered your price, they will rarely come back to yours. Obviously, if your home is priced too low, it will sell very quickly. Where you price your home in the price range established from the Competitive Market Analysis, will determine if and how quickly your home will sell. An appraisal by a licensed or certified appraiser will give you their opinion of the value of your property with a specific dollar amount. Their opinion is also based on what other buyers have been willing to pay for homes in your community. Putting a specific opinion of value on your property does not mean it will sell for that amount. The appraisal may not be used for any other purpose and another appraisal, or opinion, will be needed when your property sells. Your real estate professional can help guide you through this valuation process to help you get the best price, in the least amount of time, with the least amount of inconveniences to you.

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