What is My House Worth?
“What can I get for my house?” Is a question every home owner has asked regardless if they are planning on selling or not. Your home is your largest asset. You should want to know what it would fetch on the open market. But be warned, it is not valued by how much you love it or how much your neighbor’s house is currently listed for.
In fact what gives a home market value are the three basic principles of real estate; condition, location and price. And make no mistake everything is fixable by price.
New Rule #1 – NEVER use a web based auto valuation! They are horribly incorrect to both extremes.
These sites go by zip code and square footage to come up with a value. If it were this easy I would be happy to use them. A Realtor has to look at actives, pendings, recent solds and even expired / withdrawn listings to come up with an accurate assessment of market value. And no value can be given without seeing the property first hand! Look at the slides below. I punched my own house into the popular web based valuations, including my own bank. Look at the swing in “value”!
When I come up with a value for a property there is nothing more important than getting the price in an accurate range from the word GO. Overpriced listings sell the competition. Always remember that the most activity a new listing will ever get is the first 4-6 weeks on market. Once this period passes, you are just chasing the market downwards. Always make price adjustments during this period.
The condition of your house goes a long way in passing the “eye test” with potential buyers. Buyers come into your house and try to imagine their “stuff” in your space. Make it easy for them by de-cluttering as much as possible. I don’t believe in de-personalizing a home for listing. Leave the pictures around! Buying a home is emotional and you want the buyers to see how much enjoyment you’ve had while living there. Chances are the next buyer will be just like you when you first bought that house, so try to remember what made you gravitate towards one house or another.
Also, by keeping your house in good condition or sprucing it up for listing purposes, there is less for a buyer to do when they purchase it. Buyers will always over estimate the costs of repairs and upgrades and their offers will reflect that – assuming they make an offer and aren’t scared away by what seems like a daunting amount of work to do.
If you would like an honest, no obligation estimate of your home’s market value please feel free to contact me.