When homeowners are finding a buyer for their home, the primary question in their minds is, what is my house worth. It is crucial that homeowners get the right number, as this could be the sole factor between being able to sell quickly and having to wait for several months. A few tips to assist homeowners are discussed in the following paragraphs.
One of the most popular ways that homeowners use to arrive at a fair market price for their home is contacting an estate agent. The agent tours the homes and considers the recent sale price of similar properties to provide a fair price. Nonetheless, owners must be wary of the price as the agent may have other motives in quoting a higher price.
Often, the agents will provide a higher price to ensure that the sellers enlist with them. Therefore, a simpler method is to take the assistance from the online home valuation sites. Homeowners can get an estimated price by inputting their address. However, this is not accurate because the price does not consider specific factors related to the individual homes.
To arrive at the base price, owners can analyze the selling price of recently sold similar properties. The average price can then be adjusted to include any specific details related to their residence. Homeowners can combine the various methods to arrive at an estimated fair market value of their properties.
After determining the base price for your home, owners need to consider certain specific factors related to their property. For a property that is not in an excellent condition, it is advised that owners reduce the base price. Additionally, if the house requires significant amount of repairs or renovation, you need to consider these while adjusting the base price. For some features that are not available in similar houses, owners can add a premium to the base price.
An accepted principle states that homeowners must reduce the fair market price by approximately 10% to account for repair and renovation. However, experts suggest that any minor repairs be done by the owners prior to selling the property. The rationale is that with the numerous options available to buyers, they prefer to buy a residence that does not need any work.
In comparison, owners must not add the full value of the extras provided by them. This is because the present housing market is favorable to the buyers. This is a reality that homeowners must consider while answering the question of what is my house worth.