Best Ways to Estimate Market Value
If you need to sell your home, it makes sense that you want to sell it quickly, and for the best price possible. If you’ve been in your home for a long time (or even if you haven’t) you may be confused as to what a fair asking price would be to list it on the market. Do your research and don’t be afraid to ask professionals for help. You know better than anyone the tasks you can do on your own and the services you may have to pay for. Several of these tips will point you in the right direction.
Luckily, there are several ways you can estimate your home’s value so that you can sell it within a reasonable time for a price that you’re happy with. If your home is ready to go or needs a complete upgrades consider what you feel comfortable doing for yourself.
Here are just a few tips to get you started;
- Look through your local real estate listings: This is a great starting point and can give you a good indication of what the real estate market is doing. Look through your local real estate listings. For example, if you live in Seattle, look through the Seattle listings; if you live in the Lynwood area, look through the Lynwood listings, etc. Find homes with similar features (same number of bedrooms, bathrooms, finished basement etc.) and make a list of the address and list price. Try to compile a list of at least 6 homes within a mile and calculate the average asking price. Check Real Estate sites online and see how many days on market houses take to sell. Looking on line at one site that says your house is worth XX dollars is not an appraisal. Foreclosures, short sales, and crime statics in the neighborhood will bring the value down a bit.
Vacant houses or Foreclosures: One Vacant house in the neighborhood can drive down your home price. Vacant houses may have unforeseen consequences. Vandals may break in to unoccupied houses and drive up crime rates. You neighbor loses his job and his house is sold for less that market value at action certainly will drive down the cost of your home. If you see these factors in your neighborhood it is important to give an RE Investor a call. They can quickly fix up and sell the homes at top market value to increase your bottom line.
- Go through open houses: Take a few hours out of your Sunday and go visit some open houses that are similar to yours. Bring a notepad and jot down notes on the overall condition of the home, what kind of features it has and what they’re offering. Talk with different agents at the homes and see what advice they can give. This will give you a good idea on what you can offer to potential buyers. This will give you a good understanding of what homes in the area are being listed at. Make note if the houses you visit have nice curb appeal. This is a great way to understand how to compare apples to apples.
- Real estate agent:Real estate agents offer a wealth of information when it comes to market activity and price statistics. They will compile a report (usually for free) on what your home’s value is based on a number of factors. They will also get 6 percent commission and tell you what work it takes to bring up to market condition. RE agents are good for homes that are in good condition or light fixers.
- Cash House Buyers: If your home is in bad shape, needs many updates, or has been vacant for a while a cash investor may be able to help. Many can give you an onsite evaluation of what your house is worth. If you want to sell in the next ten days a real estate agent would not be the best solution. If you had a family member pass away without a will and are going through the probate process an investor can buy the asset before the process is finished. If the house is in really bad shape and needs to be sold ‘as is’ find a reputable cash for houses company in Seattle or assistants.
- Hire and appraiser:Find an experienced appraiser in your area. It will cost money, but the price may be worth it. They can find comparable properties, look at market statics, and help determine a value for your home. They will consider square footage and condition as a part of their appraisal. The science of market value is never perfect. It is a good idea to use a combination of items on the list to get as close as possible to market price. Up one month and down the next. A good appraiser has a good feeling for the market conditions
- Have a look around: Take an honest look at the inside and outside of your home. Is it in need of some repairs? Does the kitchen look like it was last updated in 1972? If so, consider investing some money in upgrades and updates. A $25 gallon of paint can go a long way to providing potential buyers more incentive to purchase your property, rather than the one next door. When the repairs are more than you can handle and you are willing to take a little less it can be easier to sell your house fast and efficiently.
Get Contractor estimates for repairs: Do you know how much it costs to update a kitchen or bathroom? These two upgrades will add much needed value to your home. It might cost several thousand dollars. Be aware if Uncle Jimmy does it at a cheap rate, the buyers may come back on you if something goes wrong. Many people have very little knowledge of actual costs. It is very important to educate yourself as much as possible when trying to get the most value out of your home. House buyers want the house ready to move in. Leaky pipes or electrical issues can set you back. Get three estimates and look online for reviews. Find out what contractors actually charge for work being performed. If you decide all the work is too much call a fair and honest real estate investor.
The market will move up or down depending on several conditions. Unemployment rates, foreclosures, and short sales. Location, crime statics, and vacant houses all play a part in market value.
When you price your home, you’ll also need to consider how quickly you need to sell. For example, if you have inherited an old house in Lynwood and just want to be rid of it, you would price it differently than if you lived in an updated luxury house in Seattle. Other factors include whether you’re relocating due to your job, or if you’re in financial straits. If you want to sell your house fast, consider a company that offers cash for homes. Our Company can give you an estimate within 24 hours and you are not obligated to take the offer unless you are completely satisfied with the price and terms. Buying houses with cash makes the process hassle free to buy houses ‘as is’ so you don’t have to worry if the house is in disrepair or in need of upgrades.