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How much can I sell my house for?

If you’ve been interested in selling or refinancing your home, knowing its potential sale price on the open market can help you decide if now is the right time. Your estimated home sale price will give you a fair idea what potential buyers would be willing to pay for your home based on market conditions, and it’s a vital metric for homeowners to know before selling.

Pricing a home involves considering multiple factors to determine its market value accurately. Only a real estate professional can make an estimate based on all these factors. Automated market analyses will be more limited to public record findings and local market data, which can often be outdated compared to manually prepared CMAs. These factors include:

1. Location

They say “location, location, location” for a reason! The home’s neighborhood, proximity to amenities, schools, transportation, and entertainment all affect its value. Never ignore local market trends, which heavily influence a home’s value. Each market has its unique supply and demand dynamics, interest rates, economic factors, and seasonal trends that impact pricing.

2. Size

The home’s square footage, number of bedrooms and bathrooms, as well as the layout and functionality of the home all impact its value. Homes with outdated designs and features, such as having only one bathroom, or featuring asbestos siding, will affect its appeal.

3. Condition

The overall condition of the property matters. This includes any upgrades, renovations, or repairs, affects its perceived value. Also, outdated key elements like an old roof can even make the home too risky for a mortgage lender to approve for a loan. Specifically, most lenders require homeowners insurance, and an old roof can disqualify a house from being covered.

4. Comps

Recent sales of similar properties in the area are called “comps” which is short for “comparable sales”. These homes provide valuable insight into the current market value of the home and heavily influence how your listing agent and the appraiser value homes. It’s also important to pay attention to the condition and age of the homes sold, as some may be more or less updated than the home in question.

5. Features and Amenities

If a home has special features such as an outdoor kitchen, pool, fireplace, private theater, outdoor space, or smart home technology, all of these perks can influence the home’s value in a positive way.

However, owners of homes in low-value areas should be careful about making too many improvements to their home before listing, as buyers in that area will not expect to pay over the average market value for a home in that area.

6. Age of the Home

A home’s age directly affects its value. An old home that has not been maintained is a risk since it may need a lot of updates in electric and plumbing. However, if it has historical significance, that can become a positive factor for potential buyers.

7. Home Buying Motivation

If you are in a seller’s market, low inventory and higher demand can drive up prices beyond the home’s typical market value. A prime example is the market in late 2021 to early 2022.

8. Local Regulations and Zoning Laws

Ahh, the legal stuff. It all matters, and it’s important to factor in things like restrictions, zoning regulations, and local ordinances, which can impact the property’s value and potential use.

Working with a real estate agent who considers all these factors helps sellers list their home at an appropriate listing price that reflects the true market value of the home. This puts the home in the best position for the smoothest selling timeline.

Contact us today for a FREE Market Evaluation of your home or fill out your property information on our HOME VALUATION form on the home page of our website!

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