When you decide to sell your house, one of the most important questions you can ask your real estate agent is “How much is my house worth?”
Knowing your property value is the first step to take before listing your home. Tt’s crucial to understand how much your home is worth to be able to choose a fair and accurate price.
Fortunately, there are several things you can do to determine your home’s worth.
1. Talk to a Professional
Your real estate agent will know all about house prices in your area, so they will be able to determine about how much your home is worth compared to similar homes in your neighborhood. They will look at a variety of factors, including the home’s age, number of bedrooms and bathrooms, square footage and lot size. They will also look at other features like whether it has a finished basement, new appliances, etc.
2. Consider Renovations
Any renovations you’ve done recently will help increase your home’s value, since buyers are more willing to pay top dollar for a move in-ready home. If you’re planning on doing some upgrades, it’s often best to focus on the kitchen and bathrooms, since they’ll tend to give you the most bang for your buck. But even something as minor as a fresh coat of paint can make your home worth more.
3. Use an Online Home Value Estimator
There are several online resources that will give you an estimate of your home’s current worth, but it’s important to take these estimates with a grain of salt.Online home value estimators often only look at a few of your home’s key features, such as square footage and number of bedrooms and bathrooms, and compare them to neighboring homes. They don’t typically take into consideration any renovations you’ve done (or damage that has been done) that could increase or decrease the value of your home.
4. Tour Other Open Houses
To get a first-hand look at similar homes, tour a few open houses in your neighborhood or look at listings online of nearby homes that have recently sold. Check out the listing price and then see how these homes compare to your own. Do these houses have fewer upgrades than yours? Do they have perks that yours doesn’t, like a bigger backyard, a pool, or a finished basement?
Keep in mind, however, that no two homes are exactly alike, and this will only give you a very rough estimate of what your home is worth. Once you have a ballpark number in mind, talk to your real estate agent to get their input. They are the experts when it comes to property values, and they’ll be able to give you knowledgeable advice about what your home is really worth.