Putting your house on the market can be a long and tiresome process. There are so many factors you need to take into consideration like how much your house is worth. The answer can be a tough nut to crack.
In this article, we give you 4 tips that will go a long way in helping you determine the right asking price for your house. Let us dive in.
A Guide to Value Estimation
To get a rough idea of their property value, homeowners usually compare their house worths with recently sold homes in the neighborhood. While this might work, there are other factors and ways to determine how much your house is worth.
MAKE YOUR REAL ESTATE INVESTMENT A SUCCESS WITH THESE RULES
1. Know Your House
Before you get into the nitty-gritty of it all, write down the pros and cons of your house. What are the features that can increase the market value and what are the features that can bring it down? Take them into account.
2. Keep A Tab on Recent Sales in The Local Area
Comparing the features of your house worth with one that was recently sold in the market will give you a good value estimation. This will work if the conditions of both houses match.
You cannot expect to get the same price for a house that’s 10 years older or 10 years younger than the one that has been sold.
You can compare these factors for a competitive analysis:
- Upgrades
- Improvements
- Overall condition
- Listing versus sale price
- Sales history
- Length of time before it was sold
While it is a given that the features of your house will not be similar to the ones that were sold, you can easily divide and conquer your way through. For example, if your house has 3 bedrooms and 2 bathrooms but the house that was sold has 2 bedrooms and 2 bathrooms, you can check the price of the additional features and add it to your listing price.
3. Online Valuation Tools
Technology is a wondrous thing. You get all the answers you are looking for at your fingertips. Online valuation tools will take the information you give and tally it with information available under public record, calculate, and provide you with an estimate.
Online tools may not be the most accurate way of estimating the value of your house worth, but they will give you a rough idea. Your Las Vegas real estate agent will help you to understand what is going on in the market in today’s reality, and give you an estimation of what they think your home is worth.
4. Comparative Market Analysis
A realtor will use the following factors to understand the value you can expect your house to sell for:
- Location
- Size
- Bed and bath combination
- Furnishing
- Condition
- Other features
While a realtor cannot provide an official appraisal, you will still get a good estimate.
Professional Appraisers
Knowing the market value of your house will work in your favor when you put your house on the market. While it is natural to want to work out the price of your house on your own, it’s advisable to get in touch with a realtor or an appraiser to have a realistic estimate of what your house is worth. Selling your house at the right price will make negotiations with potential buyers easier and can reduce the time your house spends on the market.
Hiring a professional appraiser will cost you extra but when you sell your house, you will realize it’s worth it. A professional appraiser will provide you with an understanding of the market, advise you on offers you should consider, and any contingencies you need to prepare for.
