Margaryta Booth Principal Broker

King Neptune Statue on the Boardwalk in Virginia Beach

How to Price your Home

Pricing Your Home  – Determining What is your House Worth

 

I highly recommend to  get several opinions before setting the price for you home.    Do not rely on your own judgment; get the help of the experts.  A Comparative Market Analysis or CMA is the best way to determine the potential value of your home IN THE CURRENT MARKET.  What does that mean?  Hypothetically lets say you bought your home for $200,000.00 and you made $20,000.00 worth of improvements most people would think the home is worth $220,000.  There are many factors involved and described in the below checklist.  The possibility would still exist that the home described above is actually worth only $180,000.00.  I know not too many people want to hear this but that could be the case.

Ask Realtor for Free CMA The Comparable Market Analysis (CMA) is used to illustrate properties that closely match your properties characteristics, which will help in establishing a fair market value. The “Comps” are what other similar homes in your area are selling for, and they often determine, for better or worse, what price range your home will fall in. Always use CMAs when arriving at a realistic assessment of your home’s value.In Evaluating Your Property I use much of the information a professional appraiser would consider:

  • Comparable sales
  • Pending listings
  • Square footage
  • Location
  • Amenities
  • Condition of the property

 

Main Factors that influence Home Value
  • Location
  • Competition (how much Inventory)
  • Terms (desired closing date, seller concessions, financing options)
  • Condition of the Property
  • Price

 

Tax Assessment Don’t just rely on the property tax assessment. Many property tax assessments are out of date, and they don’t necessarily reflect the current real estate market.
Hire an Appraiser A certified residential appraiser will come to your house, measure the property, take notes and photos, research information about any land parcels, and assemble a list of comparable sales in your neighborhood to determine the value of your home.  Many banks keep a list of reputable appraisers they contact for refinancing or mortgage loans; ask your local branch manager to refer you to an honest, qualified professional. Once you receive your copy of the appraisal, make a second copy and store it in a secure location. Keep the first copy on-hand to go over with serious buyers.

 

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