Determining Your Homes Worth

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How do you determine what you house is worth?  If you’re considering selling and aren’t sure how to price or you’re considering buying and want to know what to consider when offering on a home, then this video will help.

 

  
Hi my name is Paula Carr and I’ve been selling Real Estate for over 10 years, I’ve sold 100’s homes in my career, so I know exactly how to price homes.  

Here are a few things to consider.   Size, Condition, location,  marketing and negotiating. 

 

 All of these have a huge effect on the price. Think about it you can’t compare a home that is 2,000 sq. feet to a home that is 4,000 square feet. That would be comparing a maserati to a hyundai, they just don’t match.  They are not comparable. You need to make sure you are comparing the size just like an appraiser would. In most cases if there is enough inventory an appraiser likes to go anywhere from about 200 to 400 sq/ ft. difference both higher or lower to use as comparables to determine pricing.   If there isn’t enough inventory, they will make adjustments in their evaluation of what the home is worth based upon the difference in size. 

 

 
Now let’s think about Condition.  Again, think about this in relation to a car, you can’t compare a beat up old car to a brand new shiny car right, well a home is the same.  When pricing you have to look at things like, how upgraded is your home, how modern is it, what is the landscaping like, are you in a great location close to freeways and shopping, how does your area compared to others, are there any nuisances like power polls, heavy traffic, or anything else that could be considered undesirable.  

To learn more about how important marketing is, watch the video on marketing your home.  

 

Remember, when pricing, it’s natural to feel like your home is worth more than everyone else’s because we have an emotional attachment to it.  But you’ve got to look at all the variables because underpricing your home will cause you to lose money and so will overpricing your home.

 

Again this is Paula Carr with Homes by Paula and eXp Realty your Raleigh Durham Real Estate Expert.