How to Determine What Your House is Worth

If you’re considering selling and aren’t sure how to price or what your house is worth, or your’e considering buying and aren’t sure what to offer on a home, then this video will help.

Introduction

Hi My name is Eren Millam with Premiere Property Group. I’ve been selling real estate for nearly a decade. During that time, I’ve helped hundreds of clients buy and sell their homes. In summary, I know exactly how to price a house!

Variables to Consider When Identifying Your House Worth

Here are a few things to consider. Size, condition, location, marketing, and negotiating. All of these have a huge effect on the price. Think about it, you can’t compare a home that is 2,000 sq. feet to a home that is 4,000 square feet. That would be comparing a Maserati to a Hyundai, they just don’t match.  They are not comparable.

Make Necessary Adjustments like an Appraiser

You need to make sure you are comparing the size just like an appraiser would. In most cases if there is enough inventory, an appraiser likes to go anywhere from about 200 to 400 sq/ ft. difference both higher or lower. With the adjustment, these comparables can now be used to determine pricing.   If there isn’t enough inventory, they will make adjustments in their evaluation of what the home is worth based upon the difference in size.  

Comparing Apples to Apples When Pricing

Now let’s think about Condition.  Again, think about this in relation to a car. You can’t compare a beat up old hoopty to a brand new shiny car, right? Well a home is the same.  When pricing you have to look at things like, how upgraded is your home, how modern is it, what is the landscaping like, are you in a great location close to freeways and shopping? How does your area compare to others, are there any nuisances like power polls, heavy traffic, or anything else that could be considered undesirable?

To learn more about how important marketing is, watch the video on marketing your home. 

Leave Your Emotions at Home…err Elsewhere

Remember, when pricing, it’s natural to feel like your home is worth more than everyone else’s because we have an emotional attachment to it.  But you’ve got to look at all the variables. Because underpricing your home will cause you to lose money and so will overpricing your home.

If you’re looking for assistance in pricing a home that you’re buying or selling, or just want to verify that you’ve done it precisely, you can reach out to us over at CMA.LewisCountyHomes.com. Make it an extraordinary day!