If you’re thinking of selling your home, one of the most important things to do is price it right. In order to do this, it is imperative that you know the value of your home. Guessing at a home price is definitely not the right strategy, so before you list, be sure to use at least one of these methods to figure out what your home is worth.
This method begins with a property inspection and ends with the recommendation of a listing price as well as an assortment of other valuable information. An appraisal is really the best way to know what your home is worth, and although it’s not free, the cost of an appraisal (often several hundred dollars) is well worth it if it helps you price your home right the first time and thus sell it more quickly. Just be sure to look for an appraiser who is state licensed and has a wealth of experience in the area in which you’re trying to sell.
2. Automated Valuation Methods
Otherwise known as AVMs, these online programs use all kinds of information including public records of sale and demographics, and information that you input about size, location, and layout to determine the estimated value of your home. Although this method is quick, easy, and free, it’s not actually the best method for determining your home’s value because it’s just a software program and can’t account for characteristics like curb appeal, noise levels, and safety. If you want to use an AVM to get a general idea of your home’s value it might be a good first step, but it shouldn’t be the only information you get before determining your list price.
3. Comparative Market Analysis
Otherwise known as CMAs, or more commonly referred to as comps, the process involves asking your agent to examine your home and then look around the local area for comparable homes that have sold recently. CMAs are free and experienced agents are well-versed in preparing them. It’s often a good idea to get comps from several agents and ask them to explain their process so you can understand how they came to their recommended list price before you make a decision.
For help determining an appropriate listing price for your home, give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266!