Running The Numbers Will Maximize Your Home’s Selling Price

Running The Numbers Will Maximize Your Home’s Selling Price

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If you are preparing to sell your house, determining the best home selling price will move your home faster and help you walk away with more money in your pocket. You may think that you know your home’s value, but an inaccurate assessment of the numbers could cost you thousands of dollars. There are some steps you can take before a home sale listing, information that will help you maximize your profits.

You Know Your Market Or Do You?

Today’s homeowners are usually quite aware of just how their local housing market is doing. News media reports, realtor ads, even a conversation with a neighbor can give you a good idea what your home’s value is. But there is one small problem with this type of information: it can be inaccurate.

Gathering Information To Determine A Home Selling Price

Instead of relying on conjecture or second hand news, the following information will give you a much clearer picture of the current value of your home:

Home Value Report – Independent companies have amassed huge databases to create automated valuation reports which are designed to mimic conventional appraisal reports. Lenders run these reports to determine your home’s value in order to supply mortgage loans or refinancing loans. Therefore, this is the only way that a lender based in Minnesota can determine what a house located in San Antonio, Texas is really worth. Without access to a home value report, out of state lenders would need a local appraiser to visually assess the home’s worth.

Realtor Comps – Comps (or home comparison reports) are offered by realtors who take a look at the home sales recently made in your neighborhood to determine a ballpark figure for your home. Those homes nearest in size to your home are the best determination of your home’s value. Stick with the most recent home sales if the market conditions in your area are changing rapidly. Your realtor should offer a report to you at no cost and without obligation. Consider having three different realtors provide this information for you to compare how they determined your home’s selling price.

Other Vital Information – Additional determining factors in establishing a home selling price should include the current mortgage loan rates, how long homes are taking to sell in your area, the appeal of your neighborhood (location, location, location!), and your home’s overall condition.

From Home Listing to Home Sale

Once you are armed with all of the right information, you can determine a home selling price that should be very close to what the market will bear. A home that is priced right should sell quicker and bring higher profits for the homeowner who has taken the time to do his or her homework.

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Categories: Home Selling