WHAT’S MY HOME WORTH?
Tags: .
How much can we get for our house? That is one of the first questions we receive as Realtors® when talking about real estate daily. It’s a question that applies to all of us, whether we are considering selling, re financing, or just simply curious.
When it comes to selling, of course everyone wants to get the most amount of money as possible for your home. However if you set the price too high you will generally scare away potential buyers and their agents. On the other hand, if you price your home too low you are potentially leaving money on the table and setting off red flags. "Why such a low selling price?" Is there something wrong with the property?
The selling price needs to reflect the market value of your home and be influenced by how quickly you want to sell it. As your Realtor® we can determine the best pricing strategy by preparing a Comparative Market Assessment (CMA) and Marketing Strategy specific to your home and needs.
Our Moto for pricing a home is always use price to “attract, not repel buyers”. That does not mean we price below market value; it’s simply a strategic mythology. When doing a forensic analysis of market indicators, an experienced realtor will find a way to achieve a sale price 1-3% higher than the average simply using the tools and dedication to knowing the market that unfortunately many agents are not doing.
Unfortunately most home sellers are happy when they sell their home and are generally happy with their Realtor. However we see time and time again the agent has done the minimum to effectively achieve a sale and we ask ourselves did they leave 1-3% on the table? In most cases the answer is yes. There is no way to know for sure as the market is dynamic and ever changing so we always rely on the skills and processes that have worked and constantly look for competitive advantages in the marketplace to achieve higher sale prices for our clients.
What is market value?
Simply put, market value is the price that a buyer is willing to pay for a similar home in your neighborhood.
Based upon market research, as your Realtor® we will suggest a listing price for your home. The analysis should take into account things such as age, rooms, lot size, renovations etc. and include a comparison to other properties in your neighborhood that are currently for sale and have recently sold.
Keep in mind, market value doesn't take into account the personal attachment that you have to your home and all the hours that you have loved and nurtured it. It is only worth what a buyer is willing to pay for it! Don't take it personally.
When we begin to prepare for a new listing we always encourage our sellers to come visit the competitive properties in the neighborhood, so we can all visually see exactly what a potential buyer will see when shopping for homes. This is a very effective strategy to pricing your home at the highest price possible.
If you would like a complimentary Market Analysis let us know! Whether you are considering selling, just curious or perhaps looking to re finance to renovate or buy an investment property, we’d be happy to help!
