Selling Your Home - Pricing Your House to Sell
Thinking of selling your Central Ohio home? You might have some pressing questions about determining the best price for your home. I've compiled a list of some of the most frequently asked home seller pricing questions to get you started on your way to successfully pricing your home to sell. If you have any further questions or you're ready to get started, feel free to contact me!
What's my home worth?
Ultimately, a home is worth what someone will pay for it. Everything else is an estimate. To determine a property's value, most people turn to either an appraisal or a comparative market analysis.
A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value based on sales of comparable homes in a neighborhood. Request your free comparative market analysis:
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An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, a neighborhood's transportation availability, shopping, and schools. Appraisers also take lot size, topography, view, and landscaping into account. Most appraisals cost about $300 for a $250,000 house.
What standards do appraisers use to estimate property value?
What is the difference between market value and appraised value in real estate?
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine your home's value.
How is the price set for a home?
It's very important to price your home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood. When you prepare to sell, it’s HIGHLY recommended that you enlist the help of a qualified and skilled Realtor to help determine the list price most likely to yield the highest success rates.
What is the difference between list and sales prices for a home?
The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount the property actually sells for. It may be the same as the listing price, higher, or lower. The sales price depends on how accurately the property was originally priced and market conditions. If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.
Prepare Your Home to Sell
Learn more about the best ways to get your home ready to sell, including simple DIY home staging tips to really impress your buyers.
Housing Market Information
A real estate agent is a good source for finding out the status of the local housing market as is your statewide association of Realtors, but they're not the only resources.