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If you hope to sell within the next couple of years, knowing your home value is a necessity. It is vital to understand what your property is worth. This determines how local market conditions impact the value of your home, thus your ability to buy or sell.

Also with more knowledge comes the ability to make the best possible decision for your family’s most important investment.

Taking advantage of our Free Home Evaluation puts you under no obligation to work with us. Fill out our form to arm yourself with valuable information.

Want to sell your house fast? Your Home Might Be Worth More Than You Think! We give fair cash offers in as little as 24 hours.

Learn More About the Importance of Home Evaluations Here

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.

When you write a contract, what I recommend people do is that they assign an appraisal writer. What an appraisal writer will do is he will actually protect you from this situation. Let’s say you write a contract on home and it’s for $120,000 and the home only appraises out for $110,000. What happens there is you now have a $10,000 gap that you need to go back to the homeowner and potentially renegotiate.

When the appraisal doesn’t come back out at that point is (assuming you have the appraisal writer) you can potentially back out of the contract. You could go back to the home owner and try to get them to renegotiate and honor what the house appraised for as the sale price. If the home owner doesn’t want to budge, the option is that you could have to bring that extra $10,000 at closing, which wouldn’t count towards your down payment or anything like that when it comes to the loan. That would just be an extra $10,000 that you would have to cover to make the transaction happen.

See what people throughout St. Louis are saying about STL Real Estate

“Ryan is the kind of person that puts others before himself, whether it be worked related or not. I have had the opportunity to talk with Ryan multiple times about housing options for myself and I can honestly say he truly takes the time to explain things thoroughly. I don’ t know much about real estate but whenever I need assistance, Ryan’s the guy I call on..”
Eric Enright, Clayton, MO
“When we did not know where and what to do, we found Ryan and he helped us out with a short sale on our house. He made the process easy for us and was very helpful. Thanks Ryan!”
Tom and Cheryl Frost, Ladue, MO
“I cannot tell you how much it meant to my family to be able to see what Ryan Wessels done with the house. It is just excellent! I am praying for you. God is good and He gives us favor in situations such as selling a house if we call on Him.”
Barbara Kelsch, Kirkwood, MO
“I already have recommended a friend to STL Real Estate. I needed someone to buy my house fast and was strung along by other companies for months. Everything went incredibly well from the moment I began talking with Jim, until closing just a few short weeks later when I got the cash I needed from the home sale. I highly recommend Jim and STL Real Estate for any of your house sale needs.”
Pat Weise, Oakville, MO
“My brother was disabled and needed to sell his home because he could no longer afford it after having a stroke. It was a difficult time for my brother as he faced many challenges due to his illness, and now needed to move from his dream home. STL Real Estate was very professional and helped make the transition as smooth as possible for my brother.”
Jean Weintage, St. Louis, MO
“I have tried several real estate companies in St Louis and I have found STL Real Estate to be the best because of their commitment and knowledge and am so glad that they were recommended to me. Most of the people that I have worked with misguided my wife and I and made money by taking advantage of us.”
Kumar Banerjee, Brentwood, MO
“James Manning and the staff at STL Real Estate provide service above-and-beyond the call when helping us sell our property…If you are considering the sale of property, I urge you to investigate the possibilities available through Jim and the STL Real Estate team.”
Jerry Sears, O'Fallon, MO
“In considering my options when buying my first house, Ryan took the time to explain to me several options. I ultimately made my first housing decision based on Ryan’s knowledge and I could not be happier. I am set up to turn a large profit on my first rehab and can finally pay off those student loans.”
Kevin Simpher, Webster Groves, MO
Ryan worked very hard to put together a short sale on the home that I shared with my family. I had fallen in a place that I wish upon nobody. My home had become a place that I could no longer afford to fix and eventually had to give up ownership. Ryan showed compassion and preserved my sense of dignity. It was the hardest to place to have landed as the single mom of 7. I will always remember his kindness. He has a passion in the business and strives to put solutions together for both the seller and the buyer. Plus I made a new friend! Thank you Ryan!!!”
Bridget Walsh, Lemay, MO