How to Estimate Your Home's Value When It's Time to Sell [Video]

Mon, Oct 17, 2016 @ 08:10 AM Mary Ann Eckberg Selling a Home

When selling your home, you want to make sure your home is accurately priced, and buyers want to justify that price. 

You may be wondering, “How do I find out what my house is worth?”

Recently, I chatted with a real estate professional found in the handy MilitaryByOwner business directory. Over a friendly cup of coffee, we discussed a few important points about home estimates that you may also find of value.

Preparation for Pricing When It's Time to Sell Your Home

Market Analysis

An easy way to price your home may be as simple as harnessing the powers of the internet! By typing your address into a search engine or a property search website, an estimate may appear with the value of your home.

However, keep in mind that those automated valuation websites are simply database computer programs that analyze home values. The numbers that are tallied on such assessment websites are simply loose appraisals of real estate across the U.S. (aka not always accurate!)

Even though an estimate from a valuation website may not be true to form, it can offer a ballpark figure when you prepare to sell your home. 

With the guidance of a professional, you’ll have access to current housing inventory and specific details from houses recently sold, and by working with an agent well versed on the housing market of your area, you’ll sleep better at night knowing your listing has been accurately priced.

Home Appraisal

Consider having a professional appraiser evaluate your home. With documentation from an appraiser, you may confirm that you’ve chosen the best price.

According to this helpful MilitaryByOwner post, “3 Things I Wish I’d Known Before My For Sale By Owner,” having an appraisal may benefit both the seller and the buyer, if the buyer plans on financing with FHA or VA loans.

RELATED: 10 THINGS YOU NEED TO KNOW ABOUT HOME APPRAISALS

Research on Your Own

You can do some fact gathering on your own, including: 

  • Check the county tax records to find similar homes in your neighborhood and what they sold for.
  • Research MilitaryByOwner listings for similar homes in your area. What is the going price range?
  • Buyers may check the Zestimate of your home on Zillow. This estimate may or may not be accurate; however, since it is there for people to see, you will want it to be as close to accurate as possible. You can do so by claiming your home on the website and noting any upgrades that you may have made, which will in turn affect your estimate. To do this, select parameters that describe your home and the amenities that you know and love. It’s fairly easy to go through the checklist, noting details such as type of roof, type of heating and cooling systems, type of flooring, etc. Furthermore, you may channel your inner Emerson and personalize this profile by sharing the story of your home.  

As you prepare to sell your home, keep these points in mind. Look objectively at the value of your property and how it compares to others nearby. With accurate pricing and a positive online presence, your home may be more appealing than the comparables, leading to a quick and easy sale!

See the helpful video below for more information on selling your home!