Understanding Valuations and How a Real Estate Agent Can Determine Your Home’s Value
If you are thinking about listing your home for sale, one of the biggest factors that may be holding you back from pulling the trigger on this decision is the value of your home. You may have a decent idea about the value of your home by researching other listings in your community, but you may not be able to pinpoint a fair asking price that would get your home sold quickly without leaving money on the table. The only true way to determine the valuation of your home is to do extensive research of 15-25 Active, Pending and Sold homes in your property’s general area. Once the homes have been selected, upwards of 150 adjustments will be made by your experienced Real Estate professional to arrive at the fair market value opinion. There are no shortcuts and you must have an agent who understands this process to complete the report with precision and to ensure you sell for the most money. The fact is that by choosing a knowledgeable real estate agent, you will receive an accurate valuation up-front, and this can help you to make a more informed decision. There are several components to the valuation which help determine your homes value that you may need to know more about. Here are a few.
The Layout Of The Home
When a real estate agent is preparing a market valuation, he or she will initially tour your home to get a feel for the layout. Factors like the number of bedrooms and bathrooms, the size of the living areas, if the kitchen is closed off or open to the home and more will all impact desirability and therefore value. Because of this, it is not always easy for a homeowner to determine value with accuracy, and the insight of a knowledgeable and experienced agent is important.
The Square Footage Of The Home
Your real estate agent will know the average price per square foot of homes in the area, and this price per square foot can be applied to your own home. However, keep in mind that there is a difference based on one or two-story homes. Generally, one-story homes will have a higher price per square foot than two-story homes. Other factors such as the condition of the home and special features will come into play.
The Condition And Special Features
When you receive a valuation for your home, the real estate agent will give you additional value for special features that have broad market appeal or for an improved condition over other homes in the community. For example, if your home is in an older community and you have recently updated the kitchen, you may have a value based on a higher price per square foot than other homes in your area.
The fact is that the average price per square foot of similar homes in the area will come into play for your valuation, but there are several adjustments both positive and negative, made for different features and for the condition of the home. For a FREE full market analysis and pricing report, please contact me at your convenience to schedule a time that I can view your home. Whether you are planning to sell your home now or not, I am happy to complete the report for you so you can feel confident in whatever decision you choose.