I’m Thinking about Selling. What is My Home Worth?
What Affects Home Values
In today’s ever-moving market, home values fluctuate based on a number of factors.
These include the current interest rate; the state of the economy local, nationally, and worldwide; the neighborhood; the status of maintenance on your home; and appeal to current buyer needs and lifestyle trends.
With so many different influences on home value, it’s important to seek the counsel of a Realtor® to determine an accurate value for your home.
How a Realtor Determines Home Value
- The first thing that a Realtor will do is assess the overall condition of your home. Any damage or deferred maintenance will be taken into account.
- Next, the Realtor will create a list of similar houses that have sold in your neighborhood. This list will help establish a picture of the current market and create a baseline for your home’s value.
- Your Realtor will also take current listings into consideration, to determine the overall competitiveness of your listing. If there are many listings similar to yours on the market, the price may need to be adjusted so your home can compete.
- Aside from assessing the current value of your home, your Realtor will also make suggestions for things you can do to raise that value. Often, taking care of small repairs that have been put off can pay dividends when it comes time to sell.
- Lastly, your Realtor can also help you navigate many of the misconceptions about real estate values perpetuated by sites like Zillow and Trulia.
Why Computer-Generated Home Value Estimates are Often Inaccurate
Online value estimates from sites like Zillow or Trulia are generated by computer programs, not people. While they can be a good starting point, they need to be taken with a grain of salt–these algorithms are incapable of taking into account things like neighborhoods, home style, repairs or improvements, and the status of the current market. Since sometimes a computer-generated analysis can be extremely inaccurate, it’s important to have your home evaluated by a professional Realtor to get an accurate value.
Your Realtor will help you create a “story” for your home. In today’s hyper-connected world, selling a lifestyle, instead of just a building, is the best way for your home to stand out.
Staging your home will make sure that buyers get the best possible first impression. Whether this means rearranging furniture, decorating, or re-painting, your Realtor® will guide you every step of the way.
Decluttering and packing up excess items will help your home seem more spacious.
Increasing curb appeal can also raise the value of your home. Simply making sure that the exterior of your home is clean and welcoming can make a large difference.
It’s important to remember that, in the end, your home’s value is determined by only one thing: what a buyer is willing to pay for it.