Tuesday, October 23, 2012

How Do I Know What to Sell My House For?



Finding the Right Price to Sell Your Home


If you are a home owner and think it might be time to sell your property, you probably have more than a few reservations. Nearly everyone has heard horror stories about under water mortgages, foreclosures and other developments stemming from the real estate market’s recent woes. Fortunately, selling a home does not have to be a bad experience! Source: http://www.greaternwrealty.com

How can you be sure to get the right price for your home?  You might not like my answer: hard work! Long before you list your property, you should begin comparing your home to other properties in the neighborhood.

Having said that, it is very important to compare apples to apples. If you have a 2 bedroom bungalow that comes in a just under 1000 square feet, be careful not to compare your property to that two story home on the corner!  Their 3500 square foot home is in a class all its own!  Instead, focus on properties that are within a few hundred square feet of your own. Be sure to factor in age, condition and any other factors that might impact pricing. - See Lloyd McKenzie for Albuquerque Values

Where should you begin? There are a number of great websites on the Internet that can give you a basic idea of home values on comparable properties in your area. BUT, they are comparison values, not necessarily close representations of what your home will bring on today’s competitive market. Use reputable sites like Zillow, Trulia or Realtor.com and chart the price variables from one site to another. Keep track of the increases or decreases in value for at least a month and then progress to step two.

Once you have data you have monitored from sites like Zillow or Trulia, talk to your friends and neighbors to find a real estate agent they trust. You should meet with at least three professionals and ask them for a comparative market analysis or “CMA.”

A CMA is created by comparing the prices of recent propertysales. This is important, because home owners tend to see their property through rose colored glasses. A seasoned professional will look objectively at the market and give you an educated guess as to what price buyers will find attractive for your home.

Compare the values offered by your potential agents, consider how easily you worked with that person and using both your research and theirs; set a price that you believe is reasonable for your property. Your agent can offer you valuable advice about what changes you can affordably make to raise the sale price of your home. 

It can be a daunting experience to set a sale price, but with a wise investment of time and by seeking professional help you can often accurately predict the sale price of a property. The important thing is that you detach your emotional attachment to your home, do your homework and see professional advice. After everything is said and done, it is important to remember, that the market will drive the sale price in the end.

Sources for information are from the local and national real estate providers mentioned in this post. Thank you for their cooperation.

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