One of the first steps a real estate agent takes when meeting with a potential seller is figuring out your home’s value. Luckily you don’t have to be licensed to know how to come up with a value. With a computer, a little research, and some mathematical ability (basic math with a calculator), you can get a general idea of your home’s worth. There are several factors that play into it, but here a few ways we can show you how to find your home’s value.
Look at Comparables
Comparables (aka comps) are simply similar homes within your neighborhood, or certain proximity to yours, that are currently for sale and have sold in the past 60 to 90 days. The word “similar” means comparable in style, size, age, number of bedrooms, and other physical characteristics. Looking at homes currently for sale lets you see your competition as well as how long these properties have been for sale.
If you notice that the higher priced homes have been on the market longer than others, you can assume they may be overpriced. Alternatively, recently sold homes give you a handle on where the sale price of homes in your neighborhood fall. When homes have sold within a certain price range, it is unrealistic to expect yours to sell at a higher price or lower for that matter.
Consider the Current Condition of the Home
Your home’s condition is very important in determining the resale value. When you look at comps, a fully updated home similar in size and design may not be a true comparable property if yours shows extensive signs of age, wear, and no updates. If you think it needs a lot of work, you may want to consider selling your house for cash.
Ask a REALTOR®
You can pretty much ask any real estate agent to give you a valuation. It just involves a phone call and a quick discussion about your home. The main thing you need to do is be honest about your home and its condition. In return, you get a general home value – a ballpark. But you can have an idea about what it’s worth. Once you have that number, you can make an informed decision about selling it and the best way to sell it.
Be careful with asking a real estate agent for a valuation for your home. Some realtors may find your home's value and then try to pressure you into listing the home with them. It's also common for an agent to underestimate the cost of repairs since they aren't general contractors.
It's best to do your research to find a reputable real estate agent in your area that can give you an honest, no-pressure home valuation. It's best to ask multiple real estate agents for valuations so you can have a few pricing options.
Get a Formal Valuation from an Appraiser
Certified appraisers charge to perform home valuations – most often for lenders. The value they provide is about as accurate as you can get. Appraisers are impartial and look at the property, its comparables, and other factors along with what it may cost to rebuild it.
If you have considered selling your home but want to know what it’s worth before listing it, an appraiser gives you the confidence to avoid second-guessing your price. On top of this, if you find it is not worth what you thought it would be (remember, the appraiser is impartial), you may decide to sell your home for cash.
Selling Your Home Fast
Once you find your home value, you can decide what you want to do. If your home value is not what you want it to be though, you should consider selling your home fast for cash. Reputable investors buying homes for cash take much less time to complete the transaction. It takes much longer to list your home and wait for a buyer to make an offer. Plus, you may not get as much as you want because of negotiations and fees involved. Most home buyers willing to take on a home needing repairs and updating want a great deal.
If you are thinking of selling your home, contact us for a cash offer.
We buy houses in any condition at a fair price and close quickly. We help you maximize your profit and lessen the fees involved than selling your home in the traditional manner, and we close fast. Contact us today for a fair cash offer for your home.