If you’re about ready to sell your home, you’re probably wondering, “What’s my home worth?” And indeed, you and your real estate agent will be checking out the competition (or “comparables,” in real estate lingo) and figuring out your house will likely sell for. But setting an asking price is one in a two-step process. The second step is settling on an asking price that will most effectively bring in buyer offers at (or above) that value.
Home prices are determined by numerous criteria. Factors such as the current trends in the local market, the number of available homes for sale in the area, and the motivation of the seller all have an overall affect on the sales price. There are other more specific things to consider when setting an asking price.
» The recent selling prices of similar homes in the same area and/or the average recent selling price per square foot of similar sized homes are both a great place to start
» Major improvements to your home such remodeling, a pool, or other additions can add to your selling price but normally not to the extent of what you paid for them.
» Interior and exterior amenities can be helpful to selling your home and may increase your selling price.
» The general condition of your home’s interior and exterior (curb appeal) is important and can either increase or decrease your selling price.
» For a professional competitive market analysis (CMA) of your home’s current value, go HERE