Your home holds a lot of cherished memories, and if you’re planning on selling it, you want the next homeowner to fall in love with it as much as you did. You want to convince them to see it’s potential through photos, words, or the experience as you give them a tour around the property – but, most importantly, you want them to pay the price you want for it.
There’s nothing worse than selling below the property’s value and losing money, and your house, along the way. In that regard, what is the right price for your home? If you’re struggling to determine its value, you’re not alone. Fortunately, there are ways to help you easily determine how you can reach the price range you want with these steps below:
Step #1: Understand What Home Market Value Really Means
First and foremost, you can make better decisions when you have a better understanding of the facts. And the facts of what makes a home market value doesn’t include your monthly mortgage payment or your opinion of how much potential your house shows. Instead, the buyer is interested in the following:
● Location: Buyers love homes that reside near convenient stops like highways, schools, entertainment districts, and shopping centres.
● Safety: The location of your neighbourhood and house will make or break your house’s value, and anything that poses as a threat can negatively impact their decision. In that regard, learn about your neighbourhood’s crime rate and other factors like the quality of its electrical lines or even the sidewalk.
● Curb Appeal: If the exterior of your house matches the taste of the buyer’s, then you’re off to a good start!
● Square Footage: This is important as they will need to know if your house has enough space to accommodate their family and needs.
● Number of Rooms: The ratio between bathrooms and bedrooms matter, especially if the buyer has a big family to cater to.
● Updated Appliances: Your appliances may seem like display for you, but outdated appliances mean the buyer will need to make more room for a new fridge, dishwasher, and other items in their budget, all of which can easily turn off a buyer.
Step #2: Take Advantage of Free Online Tools to Estimate the Value of Your Home
If you’re looking to get into the rundown of your home’s value before investing in a real estate agent or appraiser, you’re in luck! There is an increasing number of online sources that aim to provide you with an estimate for your ballpark figure.
These online tools take into account your type of home, the year it was built, the number of rooms and parking space, square footage of the lot and house, available heating and cooling systems, and even the price you paid for your home. After getting that information, most online tools also gather data on the sales of homes in your similar area and local tax assessments to have a clear overview of your property’s value in every aspect. However, whatever price comes out is just an estimate, and it’s not often accurate. Make sure to use this as a guide as its purpose is to help give you an idea on where to start with your price range.
Step #3: Hire a Real Estate Agent or Appraiser to Help You Reach Your Perfect Price
As mentioned above, online tools are only there to guide you, but you’ll be needing the help of an expert to actually get to the amount your house deserves. This is because real estate agents or appraisers have access to multiple listing service database of homes in your area, which will allow them to make an accurate comparative analysis.
They’ll also be able to look beyond your home and observe key details that can affect your property’s value, which includes your mortgage interest rates, the supply, and demand of the market, and even understand the chances of you selling based on the time of the year. All the nitty-gritty details will not be left unchecked by a professional’s keen eye, and that is exactly what you need if you want to explore your options and decide on the perfect price for your home.
If you’re looking for a Real Estate Agent in Windsor, get in touch with us today! We’re happy to help find the perfect property for you.