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What's it Worth? Finding Your Homes Market Value
You've decided to sell your home, done all the necessary fix-up work, and now you're ready to find out how much your property is worth. This answer is a complicated one, and is determined by a number of things.
Before thinking about your home, think about the local real estate market first. What condition is the real estate market in right now? Is there a lot of buying activity with dwindling inventory or is there an oversupply of homes on the market? Recent sales in your area will also help you determine a general price for your home.
To get an accurate opinion of your homes market value, it's a good idea to hire a professional appraiser. Professional appraisers cost around 0-0+ for an average home. Hiring an expert appraiser is a must for anyone selling without the help of a licensed real estate agent. It's a good idea to ask friends, co-workers, and family members who have recently sold if they can recommend a reputable appraiser. You can also ask your local bank and savings associations for help locating an experienced residential appraiser.
Remember, this appraisal is an experts opinion of your homes value and it could be too high or low. Double check and make sure your appraiser is familiar with recent residential sales in your surrounding neighborhood. Make sure he knows of all the recent prices for similar homes in the area. If you have to, give them information to him so he can make an accurate judgement of your property.
Once you've received your appraisal, it should include a well written document that you can show prospective buyers, as well as their respective agents.
Another useful method of determining your properties market value is to ask several local real estate agents to give you their listing presentation. Most real estate professionals are more than willing to prepare a free comparative market analysis. These show recent home sale prices, size, and terms. It's important to know your local market, this kind of information will help you get familiar, too.
Setting the asking price for your home is critical. Set it too high, and your home may sit on the market forever, causing you to lower your price down the line. On the other hand, set your price too low, and you'll possibly lose out on profit.
Buying a home is one of the biggest investments most people make in their entire life. So it makes sense that when they are in the market for a home, they do quite a bit of shopping around. Many potential buyers shop for months and have inspected dozens of homes for sale. They tend to be very informed on local prices.
About the Author: Published by Joe and Colleen Lane, Realtors®. The Lane Real Estate Team services Tri City Wa Real Estate, Kennewick Wa Real Estate, Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities.