Selling your home is a process that can result in a lot of money at once. This article will help you receive the most from your property by mastering the craft of knowing your own home value estimate. Pricing your home right in the beginning can potentially save a lot of time it takes to move the property to a buyer.
By taking inflated listings and by putting inflated home listings on the market, only causes problems later on in the market. It will also create a barrier to the buyers as a higher price will likely take a proportion of buyers away. Because it takes time and permission to lower the price it could take months before the price is lowered to the correct price so the qualified buyers can finally take a look. With this in mind, are you ready to learn how to find your home worth estimate?
Ready? Let’s go!
Location is Necessary in Determining Your Home Property Value Estimate
Location is a big factor when it comes to real estate. A home located 5 miles from the beach could be worth $200k, while the same home could be worth $2 million if it was simply located on the beach in Venice. Location matters and the more active the city is, more likely the prices will be above normal ask.
So when finding your home value estimate, see where your property ranks in terms of location. Location is so important it could mean thousands of more dollars to your transaction.
Square Footage and Lot Size
When I first take a look at a property, I usually first view the exterior of the home and then the lot it sits on. I see where the boundaries end and where the neighbors land begins. Then by adding up the square footage and the lot size and using the location in mind, a rough estimate value will be calculated.
This amount will usually be close to what the market value will pay for and likely have multiple offers. Having multiple offers is great as it creates leverage against the buyer on you the sellers behalf. So see what the average price per square footage is near your area and use that with location in mind to help create a rough estimate of your home value.
Do Renovations Count?
Just because you recently spent $33k on renovations to your kitchen, does not mean you will see profit back or even the amount back. It is good to do all major rooms at once and not just one room to see the best result.
Now when everything comes together and has been updated, potential buyers can feel like they found their new home. If the property is vacant and professionally staged, amazing results will soon come if the property is priced right.
As a quick checklist when upgrading your property, do all major rooms at once. Update tiles, countertops, and fixtures.
Compare Nearby Recently Sold Properties
Viewing recently sold properties nearby that are similar to your home or property is a great way to estimate your home value. Hidden features might alter the value from the recently sold listings, like you never know if a brand new $20k fixture was put in their before the closing, making the property value inflate a little.
So do good research on the specifics of why similar homes sold for that much and if all seems like yours, then it is possible to use that home when calculating a home estimate value for your property. Who knows maybe you installed the same exact brand new fixture as well.
I do hope this guide has helped you in starting to see how to achieve your home estimate value. Did you have any questions? I will be glad to assist in your home value estimate or with any real estate questions you may have.
And if you think you have any tips that could help achieve your home estimate value, please comment down below.
Until next time, See ya!