VALUE YOUR HOUSE LIKE A PRO
Homeowners find it difficult to value their houses. They leave that task to the professionals, which normally charge 6% sales commission. But do you know you can do this on your own? It all takes an extensive research, a bit of asking, and an Internet.
Familiarize the Market
When pricing a house, the past can predict its future value. Homeowners should do a research about the market to know the homes sold in the neighborhood. Good thing the Internet has made it easier to gather information about the market, including previous sale prices.
Speaking of which, study the pricing trends in your location to find out its average increase or decrease. Be aggressive with your asking price if the market is booming. Otherwise, do not be too ambitious with your list price.
Come Across Comparables
Comparables are the prices which similar houses in the area sold for recently. It is imperative to obtain this information because if you value your house higher than other comparable houses in your locality, it will remain on the market longer than a home priced alongside other comps.
You may want to search at least three houses in the neighborhood similar to yours. Several real estate agents refer to the Multiple Listing Service for comparables. Homeowners can visit Zillow.com and Realtor.com to look for comps. Check houses that have already sold to get a sense of the price buyers are willing to pay for your home. Backtrack as far as six months, not earlier or later than that, as the market can change a lot within half a year.
Ask the Experts
Seeking the help of experts makes a lot of sense. You may opt to get an appraisal, which can cost you between $300 and $400, depending on your market. Appraisers will look at your house and use comparables and market research to come up with a sale price. Using their figures, look at the comps you pulled to determine if the proposed price is in the same ballpark. You can also ask a real agent agent to conduct a competitive market analysis. The service is often free. However, a realtor may levy a fee for the analysis if you are selling your own house.
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