What Is Your Home Worth?
If you want a quick ball park idea of what your home is worth there is probably no better web site than www.Zillow.com. If you want more than a ball park idea read on...
If you are considering selling your home there are several factors online reports do not look at such as; condition of home, upgrades, neighborhood, current competition, current market conditions, interest rates, motivation of sellers, and so on.
Most Real Estate agents can produce a simple report that looks at comparable properties which will show an average value for a property. The trick in producing a report that points at what your home is most likely to actually sell for, hinges on the criteria used to build the report.
Using criteria that finds homes that are most similar to the subject property is essential. Criteria such as; square feet, year built, location, sold date, garage, pool, lot size, community benefits, single level or multi level, backing busy street, views, lakes, golf course lots, and so on.
Poor criteria selection produces errant values. Price your property too low results in lost dollars. Pricing your property too high can lead to days on market and missed opportunities with buyers that may have been interested if priced right. Pricing too high can also put your property outside the competitive price parameters that buyers use to find properties. For example; if you price your home at $305,000, you will be just outside buyers who are searching up to $300,000. They won't find your listing.
Determining the highest most likely sales price and starting at that price generally produces a maximized net return. However, depending upon market conditions, pricing high with the intent of coming down based upon showings and feedback can also be used to find what the market is willing to pay? There is a risk to pricing high then coming down in price. As days on market increase, buyers often wonder what is wrong with this property, why hasn't it sold?
Because pricing a property is not a Science or a black and white process; finding an agent who has the expertise, tools, motivation and skills to maximize your net return is paramount.