How Do I Know How Much To Sell My House For?

There’s a difference between price and value. When you decide to sell your house, determine the value first and then price it to perfection. 

Six factors determine the value of your house:

  1. Square footage
  2. Location
  3. State of repairs
  4. Bedroom and bathroom count
  5. Notable upgrades
  6. Market conditions

The most efficient way to determine value is to ask a real estate agent to conduct a comparative market analysis (CMA). This analysis will consider each factor by comparing your home to similar homes sold in the area. By taking another home’s final sale price and adding or subtracting the differences, real estate agents can form a noteworthy opinion of value. Other methods to determine value include conducting online research by using sites such as Zillow or Redfin. However, these efforts aren’t as accurate, and are estimates only.

Once the value is determined, the primary goal is to execute a price strategy that lures in bids, prices the home reasonably, or sells for top dollar. Compared to other homes in the area, lower pricing will likely incite heavy bidding in a seller’s market. Higher prices might sell your neighbor’s home instead of yours. Look at local market conditions and comparable homes. Use expired listings to determine your strategy. Always approach pricing with the help of a professional to get the most value from your home. 

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