Selling
your home is a big financial and emotional task, which requires lots of
planning. So before you decide to put your home on the market, here are four
questions to consider.
What
is my home worth?
Several
factors go into determining your home’s market value. These include the
condition of the property, square footage, location, amenities, as well as
recent comparable property sales. For a snapshot of your home’s current value,
you can enter your address into a free online value estimator tool.
Alternatively, you can look at a recent property tax bill to get your home’s
tax assessed value, which is a percentage of your home’s fair market value. If
you know your state’s assessment rate (which is usually between 80 and 90
percent), you can estimate fair market value by dividing your tax assessed
value by that assessment rate.
How
can I sell at the highest price possible?
There
are several simple, low-cost things you can do to boost the value of your home.
These include eliminating clutter, washing windows and walls, and installing
higher wattage bulbs to create a brighter environment. Larger projects, like
adding bedrooms and renovating kitchens and bathrooms, typically yield more
substantial increases in sales price. Staging your home, which helps paint a
picture for how buyers will use their new space, can also add value.
How
long will my home be on the market?
The
time your home spends on the market depends on several factors, including
location, how competitively your home is priced, and how aggressively your home
is marketed. Statistics show that if a home is properly priced, an offer should
come in within the first 12 showings. If you want to speed up the sales
process, don’t underestimate the value of staging. Research shows that
well-staged homes can sell up to 32 percent faster than homes that aren’t
staged.
How
can an agent help?
A
real estate agent can help with all aspects of the selling process, from
pricing to marketing to handling the intricacies of closing. An agent will
negotiate on your behalf to secure the best price - and quickest sale -
possible. Looking for an agent who can help guide you through the selling
process? Feel free to contact us!
