Assessing Home Value
How do we determine a home's value?
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There are a number of things you’ll want to consider when selling your home but, first and foremost, we need to decide how much your home is worth. The number one concern for a seller when they decide to go on the market, is making sure that their home is priced correctly, so let’s talk about how this process works.
First things first, you’ll need to set up a meeting at your home with a professional Broker like one you can find here at the Matin Real Estate Group. At this meeting, we’ll assess the overall condition of the home. We’ll look at the Kitchen, Bathrooms, Bedrooms, roof, siding, etc., to see if there are any items in the home that need to be repaired. I recommend that you only worry about functional upgrades like roofs and sewer lines, or maybe a furnace. I prefer to leave cosmetic upgrades, such as new countertops, up to the buyer because you never know what style a buyer might prefer.
Once we have a good idea about the condition of your home, we’ll get to work researching similar homes that have sold recently, as well as homes that are currently on the market. Recently sold homes are a great indicator of what your home might sell for, as well as giving you an idea of the potential timeline in which your home might sell. Active listings on the other hand, are great because they’re your competition. And make no mistake, they are your competition. You need to make sure that you have the same or better features, for the same price. Or better yet, you need more features and benefits for a better price. Buyers are always going to purchase the property with the most features, for the best price. It’s that simple.
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It is crucial that we nail down the price from the very start because the most active time for any listing,
is within the first two to three weeks.
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Once we've established the value of your home, we’ll find a competitive price point and get to work. It is crucial that we nail down the price from the very start because the most active time for any listing, is within the first two to three weeks. This is when you’ll get the most views and action on your listing and if the price isn’t right, you run the risk of going stale and having to reduce your price to get more action. You really want to avoid a price reduction, so we really need to make sure we dial in the correct price point from the very beginning.
So if you’re thinking about selling, even if it may be six, twelve or even 24 months in the future, please give us a call for a free home valuation. We’ll put together a plan of action to ensure that you get the best possible price with a seamless transaction.
Please, share this blog with your friends and family and consider us your Real Estate Experts in the Portland & SW Washington areas!
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