Naturally, you want to get the most that you can when selling your home. The money that you get from selling your home will go into funding your move into your new home. How can you know when an offer you receive is a fair one or not? Let’s find out.
This can be tricky to determine. You don’t want to be too greedy and aim to get well and above the market value for your home, but you don’t want to settle for an offer that is below the home’s value and lose out on additional cash flow either.
Determining what a fair offer is will depend on a few specifics. For example, if you are using a real estate agent you will want to factor in their commission into the price. You also need to decide if you are going to make needed repairs or sell your home as-is. Making repairs or renovations takes time and money, but the payout could be worth the effort. Afterall, most buyers want a home that is move-in ready. If you do decide to sell as-is, you can factor in the money that you will save on repairs into a lower price point for your home.
Now there is a difference between market value and fair value. You will likely hear both terms when attempting to sell your home, but they are different in their definitions.
Market value is heavily reliant on the current supply and demand in your area. This fluctuates regularly.
Fair value, on the other hand, is the actual value of your home. It does not fluctuate as much as market value and is a much steadier number.
1. Compare recently sold properties that are similar to yours. Look for homes that recently sold with a similar size, condition, amenities, and neighborhood as your home. This will help you determine a baseline price for your property.
2. Look at houses that didn't sell. You will see properties that did not sell because they were overpriced. Take the selling price and the condition of those homes and cross reference that with your other information.
3. Understand the market. As we mentioned, the housing market is an ever-moving bell curve. Understanding whether the market is at a peak or pit can help you determine how much of the market value to aim to get for your home.
4. Gauge potential appreciation. Where the property is located will also play a major factor into determining how much your home is worth. Is the neighborhood it is in on the incline or decline? Is it close to good schools and other amenities? These factors will also help you determine what a fair price for your home is based on potential value appreciation.
5. Listen to your gut. After you have done your research, let your intuition help you decide if an offer is fair or not.
And of course, working with an experienced team will greatly help you in getting the best offer on your home. Your Home Sold Guaranteed Realty - The Watson Group would love to help you get the best price possible for your home. Give us a call today to get started!
Your Home Sold Guaranteed Realty understands the effort it takes to sell a house. To make your life easier, we have compiled these valuable resources for you - completely FREE of charge! MORE
At Your Home Sold Guaranteed Realty, we are dedicated to making the process of buying a new home stress-free. To ensure your comfort, convenience and peace of mind throughout your search for a property, we have assembled an extensive selection of resources tailored to fit every person's unique needs - all complimentary and without obligations! MORE