03 Oct How Much is My Home Worth?
If you’re thinking about selling your home the first thought is usually, “How much is my home worth?“
Unfortunately this isn’t an easy question answered by yourself. A homes value is dependent on many outside factors such as the current economy, home demand, location, and other current Real Estate market trends. Those elements create a base or stage for your homes sale. On top of that stage sits your actual home. That’s when you start accounting for square footage, floor plan style, condition, recent updates, and other features. It’s best to consult with an experienced Realtor whose job is to know exactly what kind of stage your house is showcasing on.
One challenge many home owners face when pricing their home is a connection and love for the home. It’s important to recognize this connection has been grown through years living in your home. This kind of emotional attachment is hard to convey and impossible with certain prospective buyers.
While you know how great and functional your kitchen is during family gatherings, how there was always room to have friends over, and how lovely a bubble bath in your owners suite tub is, these emotional factors are hard to put a price on. Each prospective buyer is different and it’s not wise to try to charge extra for things the buyer might not even want. The best way to decide on a list price is to remove the emotional aspect.
That doesn’t mean your spacious kitchen, large living space, and deluxe bathroom aren’t great selling features! It simply means they need to be priced according to the market and other key features such as condition, updates, and square footage. In general hard facts sell better than relying on how good at visualizing a Buyer is.
Another challenge is after gaining an emotion attachment we begin to over look small defects in our home and convince ourselves buyers will over look these defects too.
These things include doors that don’t latch properly, loose railings, drippy faucets, scratched window sills, and mix matched fixtures. It’s not safe to assume buyers will over look these items. To get the best value consider making all small repairs. If you don’t want to handle this yourself they become deferred maintenance, or things a buyer will have to fix after purchase. This effects your homes value so be prepared to have offers reflect this. It’s not uncommon or unreasonable for a buyer to adjust their offer to account for deferred maintenance cost.
The best and most accurate way to price your home is to consult with an experienced realtor, after 18 years in Real Estate that’s exactly what I am. I offer a Virtual Price Opinion and a more accurate On-Site Property Evaluation. I know all the in’s and out’s of the current stage and together we’ll make sure your house shines on it!
I’m happy to help with any questions. Please contact me at 612-889-6496 or [email protected]