What Is a Fair Price for Your Home?

Navigating the housing market can be a daunting task. With some research and the assistance of a professional real estate agent, determining a fair market price for selling your home will be easy. The first step to getting a good price point is to get a home assessment done. An assessment will give homeowners a base price to further build or subtract from. While an assessment is valuable, knowing the housing market and the homeowner’s neighborhood will prove just as valuable.

Utilize the Tools Available

There are many tools online to determine a fair price point to sell a home. Most real estate websites offer free rough estimates for homes. Some sites even break down the neighborhood comparatives to give homeowners a deep understanding of the current market. Homeowners may use public records to determine a fair price. Public records can help a homeowner see trends in the market and make a self-assessment for their property.

Know the Neighborhood

When considering placing a home for sale, homeowners should research their neighborhood. They should ask themselves questions like:

  • What are other homes within a .25 – .5-mile radius being listed for?
  • Does the home have more or less features than those in the neighborhood?
  • How does the land the house sits on compare to those around it?
  • Is the age of the homes listed close to the age of homeowners?
  • How does the square feet of sold properties compare to the prospective listing?
  • Is there a reason some homes didn’t sell?
  • How recently did some other homes sell?
  • What amenities are available for potential buyers that will help sell a homeowner’s house?

If a homeowner is working closely with a professional real estate agent, the agent will compile a list of comparatives called comparative market analysis (CMA). The CMA will take away much of the research a homeowner will have to do.

Know the Market

The housing market is always fluctuating. It is best to research what trends are current and anticipate the change in the housing market. Real estate is a supply and demand commodity. Therefore, prices for homes will reflect how much is available on both sides of the scale. Homeowners should consider the season when listing a home. Typically, spring is the best time to list a home, with fall being the second choice.

In conclusion, a homeowner needs to be comfortable and confident in their listing price. Homeowners should be prepared to change their price if the market fluctuates. Leaning on their own research with the help of a professional real estate agent will give homeowners an upper-hand on the housing market.

The Realty Group Team is here to help you sell your home and make it an easy process! Contact Teresa Grant – Call/Test 434.546.3202.

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