What’s your home worth? The answer to this question will help you make important real estate decisions such as refinancing, expanding, procuring a HELOC to make home improvements, and/or downsizing. Knowing what your home is worth can even help you determine if it is time to sell.
While an appraisal is a good place to start, a far more accurate (and free) method that we recommend is reaching out to a hyperlocal career Realtor who transacts a high volume of homes in your area. Even if you’re not definitively selling just yet, a good Realtor won’t mind helping you and potentially earning your future business consideration.
It’s critical to be very selective when choosing the person to assess your situation. The Realtor you choose should have the following attributes:
- A hyperlocal (vs. relatively local), career Realtor (not agent or friend who has a license with only a few years of experience).
- Have a high volume of homes (40+) bought or sold in the area per year.
With this level of knowledge and experience, the Realtor will give you a genuinely accurate assessment of your home’s true current market value as needed to make definitive, informed financial decisions about your home and its equity.
Pricing to sell?
While that’s a similar question to “what’s my home worth?” — it needs more definitive consideration. Keep these seven important steps in mind:
- Do your homework and consult with a hyperlocal career Realtor who transacts a high volume of homes in your neighborhood.
- To provide exceptional accuracy, the Realtor must visit your home, look at your land, home finishes, assess the home’s systems and even poke his/her head in your crawl space or attic. Otherwise, you can likely expect to have issues when selling — to include delays in closing or notable post-inspection obstacles. Your realtor should be more than a sales agent and should know homes very well. It’s also an asset if your Realtor has a background in home building.
- Review the area’s market assessment provided by the Realtor. Look at each home as a comparable to help you lock in your home’s value.
- Look at the current “Active Market” of competition. Your Realtor should be able to provide you with this. Your “current” competition will help you further dial in where your home sits on the active market “now.”
- Visit your competitors’ homes. Yes, you can do this! Your realtor won’t mind – in fact, they should encourage it. A good Realtor knows how important it is to set the correct price from the beginning.
- Don’t build in too much negotiation room. If your home is “market ready” (read our other blog article on this topic) price it at the top of market range, but not so high you simply won’t get views or offers. All buyers use “Search” gateways (usually in $25k increments) to view homes online first. If your price is initially set too high, you will miss an entire pool of buyers and or simply not get the viewings.
- Pricing a home isn’t a “set-and-forget” procedure. Have a plan for when your home comes to market to ensure it moves in a timely manner (ideally, anywhere from two to six weeks, depending on your personal hyperfocused market). In the city of Decatur and most Atlanta Intown markets, the first two weeks are the most critical for selling at a close-to-full price or above. After three or more weeks on the market, buyers will tend to think “something may be wrong with that home.” Your home may sell eventually at a good price, but more than likely some money will be left on the table without a definitive excellent communication and a plan before listing.
The team at Carter & Associates has the skills, experience, and knowledge to help you get the most from your sale. We provide you with the support and expertise needed in all seven steps above. We have two individual Realtors who run completely separate comparables to assure the accuracy of your home’s assessment. We typically provide a very tight and accurate range from which to work. We know homes and have been restoring properties for years. In addition, we provide you with a link to view the interiors and details of comparable homes!
As with any major decision, do your homework and comparison “shop” for the right Realtor for you. Give us a call – we are happy to chat with you about your home, your needs, and the plan for getting the most of your investment.
We look forward to serving you!