Pricing a home for the current market can be a balancing act. If the price is too high, no one will even show up to an open house. Too low, and you’ll be left wondering if you lost out on money. Having an idea of how much your home is worth before talking to an agent will allow you to determine if now is really the best time to sell.
While your real estate agent and the appraiser will certainly have an opinion of value, your outlook is equally important. After all, no one knows your home better than you. That being said, put emotions aside so that you aren’t expecting much more than the current market value.
True market value is the amount a buyer is willing to pay for your home. When you start looking at the numbers, take a step back from any attachment and nostalgia you have for the home. The unique features in your home are not as important as bare bone facts of comparable sales, tax records, and upgrades.
Things to consider when determining your home’s worth:
- Current housing market. How much have homes in your area sold for in the past three months?
- Condition of your home and property. Recent upgrades and renovations will add value.
- Location. Homes in areas with good school districts and upscale or historic neighborhoods generally retain their value better.
- Home value estimates. There are numerous sites that will estimate how much your home is worth, such as Realtor, Zillow, and Redfin. Remember to use these sites as a tool, not an end number.
Are you satisfied with the number you found? Then it is time to find an agent to determine next steps before the market changes.