Establishing the right asking price for your home is critical to its success on the market. If you price it too high, you’ll likely sit on the market for a long time without any bites. But if you price it too low, you could leave money on the table. There are several ways to find out, and the most accurate way is to ask a professional appraiser.
However, there are also some things you can do on your own to get an idea of your home’s value. Here are a few tips:
1. Use Home Value Estimators
Everything has its value. The most important when selling a property is to identify the real value of your property in your area. Several online tools can help you estimate your home’s value, and these tools consider several factors to develop an estimated value for your home, including recent sales of similar homes, square footage, age, and more. While these tools can be helpful, remember that they are just estimates. To get a more accurate idea of your home’s worth, you’ll need to have it appraised by a professional. It’s important to remember that these estimators are just that – estimates. They’re not as accurate as a professional appraisal, but they can give you a general idea of your home’s worth.
2. Look at Recent Sales of Similar Homes in Your Area
One way to find your home’s worth is to look at comparable properties in your area that have recently sold. This will give you an idea of what similar homes are going for in today’s market. Real estate websites can help you find out how much a house has sold for. You can also ask a local real estate agent to search the Multiple Listing Service for the house (MLS). The Multiple Listing Service (MLS) is a database that agents can use to list homes, find homes for sale, and share sold data for any property listed. Looking at comparable homes, look at the size, age, and condition. In addition to looking at prices, pay attention to the number of days these homes were on the market. This will give you an idea of how fast homes are selling in your area. For example, let’s say you have a 3-bedroom, 2-bathroom home that’s been on the market for 60 days. You could reasonably expect to get offers within the next 30 days if you price your home at or below market value.
3. Get a Professional Appraisal
If you want the most accurate estimate of your home’s value, you’ll need to hire a professional appraiser. An appraiser will physically inspect your home and consider several factors to determine its value, including square footage, age, condition, upgrades, location, and more. Buyers typically hire appraisers to ensure they’re not paying more than the property is worth during the home-buying process. But if you’re selling your home, you can also hire an appraiser to give you an estimate of its value.
4. Consider a Home Inspection
If you’re selling your home, it’s good to have a home inspection done before putting it on the market. A home inspection will identify any major repairs or issues that need to be addressed before you sell. This can help you set a realistic asking price and avoid any surprises. A home inspection isn’t the same as an appraisal, but it can give you a good idea of your home’s value and condition. By addressing any issues identified in the inspection report, you can improve your home’s value and make it more appealing to buyers.
5. Ask Your Friends and Neighbors
Finally, another way to get an idea of your home’s worth is to ask your friends and neighbors. They’ll have a good idea of what homes in your area are selling for. This is a good way to get a ballpark figure, but remember that your home’s worth may vary depending on its location, size, and condition. When selling your home, it’s important to have a realistic idea of its worth. These are just a few of how you can find out. Talk to a real estate agent, use online tools or get a professional appraisal to get the most accurate estimate.
While there’s no one “right” way to find your home’s worth, using one or more of these methods should give you a good idea of what your property is worth in today’s market. You can get a good estimate of your home’s value and price it accordingly. For more precise information, consult a professional appraiser or real estate agent.