Listing price is the first thing many potential home sellers take into account. No one wants to sell for less than they paid for, but overpricing doesn’t help matters. If you’re unsure of how your listing price is determined, here’s a little more detail on how it’s done.
The foremost way to measure the current value of your home is to compare it with recently sold homes in the neighborhood. In real estate, these are known as comparables. This method is only valid for a certain period of time, as markets change quite rapidly:
How Comparables Affect Your Listing
By identifying the sale prices of similar properties in your area, known as “comparables” (or comps), you can come up with a realistic asking price. When using comps, you’ll want to compare apples to apples—that is, homes that have a similar square footage and amenities as yours. You also want to look at homes that were sold within the same six-month period and that are similar in style. Read more…
By looking at recent sale prices of other homes, you’ll be able to come up with a realistic asking price. However, comparables don’t guarantee a sale. It’s advisable to be ready to lower price accordingly.
The next thing you can do is conduct a home appraisal. A home appraisal is an unbiased estimate of the true value of the worth of your home. Appraisals identify opportunities to raise the home’s value:
Perform a Home Appraisal
During a home appraisal, a property expert will examine your home’s interior and exterior. This property expert also will assess the prices of recently sold and available homes in your area, including the prices of residences in your neighborhood. Following the appraisal, you’ll receive a property valuation.
If a property valuation falls below your initial expectations, there is no need to worry. Remember, you can always perform assorted home maintenance and upgrades to boost your house’s value. h/t wilsonwolfe.com
If you’re considering selling, then conducting a home appraisal can pay off, especially in the case of unusual homes.. True, the appraiser is another expense, but the information provided goes a long way.
Lastly, you can take a look at market trends in the area. Seeing as the real estate market is so important, it’s easy to find info on what’s going on in your area:
Study Market Trends
Read the newspapers and watch the news. Most papers have a home/real estate section that details current trends, issues and successes. A majority of news programs also cover real estate topics and developments.
Ask your REALTOR®
Your agent works for you, ask them for advice and what they think the current trends are and ask them to do a market analysis on your neighbourhood which will include a list of comparables in the area (either for sale or sold). read more at 4dalyhomes.com
Good examples in the Calgary area include the Calgary Herald’s real estate section, as well as the real estate boards’ monthly reports.
Important as they are, market trends can be overcome, however, with the right agent at your side. Seller Direct specializes in saving you as much as possible, regardless of your selling price. Go to our seller’s page for more info.