If you are starting the home-selling process, and you want to sell your home as quickly as possible, the best and the first thing you should do is to set the right price for your property. Unfortunately, valuating your home is not as easy as you may think, and it can be tricky.
In order to price your home correctly, there are certain things you need to take into consideration. You also need to understand how home values are calculated.
Here is a list of things you can try in order to figure out the actual price of your home.
Use Online Tools
You can use one of the home value calculators available online. They are a very convenient and simple way to figure out the possible value of your home.
Take, for example, PennyMac’s value estimator that provides you with useful information about your home, such as price per square foot, property information and details, overall value, value history, and sales history.
What are the benefits of using online estimators?
They provide you with the following advantages:
- Most of them are free.
- They are easy to understand and use.
- They are regularly updated, so you receive the most accurate information.
- They provide you with the details about your home without asking for too much personal information.
Hire a Realtor
Another good method to find out the value of your home is to work with an experienced realtor who knows the market. Realtors have and use their own methods and techniques to figure out the value of the property. Most realtors use a very common and quite effective method: comparative market analysis (CMA).
By creating a comparative market analysis, realtors compare similar properties in the same area to know the average price. A well-prepared CMA will give you information about what similar properties are being sold right now and how long it is taking to sell them.
When preparing a comparative market analysis, realtors usually take into consideration such factors as the size of the property, the size of the home, recent sales prices, the number of bedrooms, the view and style, and the type of home (single-family home, townhome, condo, etc.).
Analyze Similar Homes by Yourself
You do not have to hire a realtor and do a comparative market analysis. You can compare properties by yourself. In order to compare your property to similar ones in your area and neighborhood, use the following factors:
- Features and structural components of your home
- Sales history
- Improvements and upgrades that you have made
- Location and neighborhood
- Overall condition of your property and home
- Your home’s size and age
However, you should understand that even if the house that was sold in your neighborhood is similar to yours, there might be some differences affecting the value.
Why Is Knowing the Value of Your Home So Important?
If you do not know the value of your home, you might either undersell or oversell. If the price you set up is too high, potential buyers will probably pass you up without even checking your property. On the other hand, if you price it low, you can lose thousands of dollars. Setting up the right price allows you to sell your house fast and get the most out of it.
KM Home Buyers — Our Mission Is to Make the Home-Selling Process Easy and Enjoyable
If you are a homeowner from the greater Tampa Bay Area, and you need to sell your house fast, KM Home Buyers is ready to help. By selling your property to us, you do not have to worry about valuation or other things like repairs, realtor’s fees, or closing costs because we buy houses as-is, and we always provide a fair cash offer. With KM Home Buyers, you will sell your house fast within two weeks and receive cash that you can start spending immediately. We’re the go-to home buyers in the Tampa area.If you have any questions or want to know more about how we buy houses, feel free to contact us online or give us a call.