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How to Value Your House for Sale

By Dan
11 September, 2017


One of the most important issues to consider when you decide to sell your house is making a correct and accurate home evaluation by choosing the appropriate price, which should reflect what your house is worth.

Overpricing your house might cause it to lose appeal after being on the market for a few weeks, and you might realize that potential buyers will eventually lose interest. In fact, pricing your house lower might turn up to be a better decision, as homes that have a price below their market value can often receive a significantly higher number of offers, which can drive their price back up to their actual market value. Therefore, it is important to keep in mind, when evaluating your house that everything revolves around the notion of supply and demand. Buying and selling are complex processes and different agents might choose different prices for the same property. Furthermore, some agents may actually be much better at their job than others, and of course, in the real estate world experience does matter. So, in order for you to have a more pleasant experience when you decide to sell your house, our experts at Brick and Agent have made a list with some of the most important steps of selling a house:

  • Check out similar homes that have been listed recently in your neighborhood. You should not take into consideration listings older than 3 months. You can check out the most popular real estate websites and keep an eye on real estate news.

  • Make sure you compare your house only to other houses with a similar square footage, and similar age, if possible.

  • Compare the original price of other properties to their final sales price, in order to determine the supply and demand.

  • Analyze similar properties that have failed to sell, find the reasons why these houses were not sold and what made them unappealing. You might find that these unsuccessful properties were managed by the same real estate agents.

  • Tour other houses that are on sale and take notes about different aspects, such as home improvements, amenities, and the buyers’ inquiries.

  • Keep in mind that all the other homes on the market are now your competition. Ask yourself why would a buyer prefer your house over other houses and adjust your price and your expectations accordingly.

  • After having collected sufficient data, the next step will consist in analyzing it based on the current market conditions. For example, let's imagine that the last three comparable sales in your area were around $200,000, meaning that in a buyer's market, your price might allow for some negotiation. Our advice, if you want to sell efficiently in this market, is to price your house at $199,900, and be ready to settle for $195,000.

  • If we are talking about a seller's market, then you should add about 10% to the last comparable house’s price. If there are more buyers than sellers, then you can ask more and it is also likely to get what you ask or even more.

 

Buying and selling houses is a complex matter and if you want to make sure that you get a fair price for your property, make sure you do enough research and discuss with several specialists so that you can compare their offers. It is better to be safe than sorry, especially when dealing with such important assets. Fortunately enough, there are certain websites such as Bricks and Agent, who make it their mission to help you find and choose the best agent.

 

 

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