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Home Values: How Much Is Your Home Worth?

Concept rising property valueIf you have been considering selling your home you may be anxious to discover how much your home is worth. When you begin working with a trusted local real estate agent they will pull comps in your area and visit the home to give you a recommendation on sale price. There are a few things you can do in advance to get organized and get a rough idea of your home value.

1. Factor in all of your improvements – Home improvements are the key factor that increase the value of your home since you purchased it. Not all home improvements are created equal when it comes to adding value. For example adding or remodeling a bathroom can add huge value. Replacing a roof may not have as large of a return but it will definitely make the house easier to sell and shows that the home is well cared for. Sit down and make a list of all the improvements that you’ve completed since you purchased the house and try to determine the value they add to the price. You will want to share this list with your buyer agent as well when they are evaluating the value.

2. Have an appraisal done – When a buyer is getting a loan to buy your home, their lender will do an appraisal before the loan can be completed. The appraisal will have to come close to purchase price if the buyer is putting down a 20% downpayment. Doing an appraisal in advance of listing your home gives you a concrete estimate of value but it will cost you approximately $400.

3. Consider the competition – Competition is a big factor when it comes to setting prices in real estate. Competition is the number of other houses similar to yours in price and size that are currently on the market. Depending on your circumstances if there is heavy competition it may make sense to price your home aggressively to cut through the competition and help your house stand out to buyers. Some sellers are hesitant to set a competitive price but the attention that is drawn in by a good price can result in a full price offer or perhaps an offer that is slightly over asking.

4. Demand – Competition between houses for sale is far less of an issue if there is high demand by buyers. The spring market is notorious for boasting the most buyers and sellers as well as higher prices then you may see for a house listed in December. Think about when you will be putting your house on the market as you’re setting the price.

5. Your plan – A huge factor in setting the price for your home is what is coming in the next chapter for your life. If you have decided to try and sell your home but have no urgency, you have the luxury to set the price you want to get. Then you can sit back and see what happens without stress But if you have landed a new job in a new city starting in 30 days and you don’t want to rent out your current home, you may want a more competitive price. These are all factors that you want to discuss with your real estate agent as they are setting your price.

If you are wondering how much your home is worth, your most valuable asset is a trusted real estate agent. Most agents in the upper valley will come visit your home, review comps and provide you with price at anytime with no cost to you. To make their job easier and their price more accurate, get your facts straight about how much work you’ve done to the house and how urgently you need to sell and let them do the rest.

At Title Mortgage we have the pleasure of working with expert real estate agents all over the upper valley. There is no one more qualified to talk price than them. If you need an agent in New Hampshire or Vermont, you will find lots of great options in the area to choose from.