What’s My Home Worth?
In selling your home, one of the things to avoid is setting the wrong price. Overpricing can cause your home to sit on the market for a long time, which could make the property less desirable to buyers.
On the other hand, you should also be careful that you do not under price just because you want your home to sell quickly.
Here are some pointers on how you can determine how much your home is really worth.
Set your goals.
Before making the decision to sell your home, it would be wise to first have an idea on how much you want to make from the sale. If you ultimately realize your goals are not realistic, you can use these to come up with a basement price that would be acceptable to you, or decide to wait until the conditions are more favorable.
Know the market.
Review the prices at which similar or comparable homes in your area have recently sold. This is a good indication of how much your home will likely sell for.
You will also need to look at the real estate market trends in your neighborhood, particularly the consumption or absorption rate. This refers to the average number of similar homes being sold in your neighborhood per month at certain price points. This will give you an idea on how long it would take for your home to sell at the same price point as the others.
Evaluate your home’s condition and selling points.
Make an honest appraisal of your home and try to put yourself in the buyers’ shoes. If there are a number of issues that need to be fixed, or if your home is showing its age more than the others, it might be realistic to set a lower price.
Conversely, if you have made certain renovations or home improvements, you should factor in how much you spent and determine how they impacted your home’s value. Certain renovations, such as a kitchen upgrade or a new roof, may significantly enhance the value of your property. Other home improvements may not be as profitable as you might have expected.
You should also look into your home’s unique features that could make it more desirable than similar properties in the area.
Work with the right real estate agent.
As you might have figured from the steps above, pricing your home accurately is not an easy task. You will need reliable resources and an in-depth knowledge of your housing market. This is why you need to work with an experienced real estate professional who is highly familiar with the neighborhood.
Call us to get an assessment.
We, The Wilhelms, will be happy to help you come up with a realistic price for your home that also addresses your financial goals. With our extensive knowledge of the San Francisco Bay Area housing market, we can conduct a Comparative Market Analysis that will serve as basis for determining the right price.
We will also visit your home to determine its condition and unique features, and take these into account when pricing your home.
If you want a free appraisal, simply fill in this form or give us a call at 415-846-3079.
We can also give you pointers on how to improve your home’s value, and help you successfully market it to the right buyers.