When it's time to sell your home, one of the most important steps is determining its value and deciding on a listing price. Having an accurate value of your property can help you set a competitive price which will attract the right buyers, and ensure you get the best possible return on your investment. Follow these steps to decide on the best listing price.

1. Study Recent Sales

Start by researching recent sales of similar homes in your area. These comparable properties, or should be similar in size, age, condition, and location to your own home. Websites like Zillow, Redfin, and Realtor.com offer tools to view recent sales and estimated property values. You can also search sold properties on our website Search Sold Homes Look at homes sold within the last six months to get a current market value.

2. Consider Current Market Conditions

The real estate market fluctuates, so it’s important to consider current conditions. In a seller’s market, where demand exceeds supply, prices are typically higher. Conversely, in a buyer’s market, where supply exceeds demand, prices tend to be lower. Keep an eye on local real estate trends and economic factors that could influence market conditions.

3. Evaluate Home Improvements

Home improvements and upgrades can significantly impact the value of your home. Kitchens and bathrooms offer the highest return on investment. Energy-efficient features, new roofing, and updated HVAC systems can also add value as well as landscaping, and design.

4. Hire a Professional Appraiser

A professional appraiser can provide an unbiased estimate of your home’s value. They assess various factors including the condition of the property, the quality of construction, and the value of similar homes in the area. An appraisal is a key part of the home-selling process, often required by lenders, and can provide a solid basis for pricing your home. 

5. Consult a Real Estate Agent

Real estate agents have extensive knowledge of the local market and can provide a comparative market analysis (CMA). A CMA offers an in-depth look at similar properties and their selling prices, adjusted for differences in features and conditions. An experienced agent can interpret this data to recommend a competitive and realistic price for your home.

6. Use Online Valuation Tools

Many real estate websites offer automated valuation models (AVMs) that provide quick estimates of home value based on algorithms and public data.What's My Home Worth? While these tools can give a rough estimate, they may not account for unique features or recent improvements to your property. Use them as a starting point, but rely on professional assessments for accuracy. 

Conclusion

Determining the value of your house involves a combination of research, market understanding, and professional guidance. By considering recent sales, market conditions, home improvements, and professional appraisals, you can set a realistic price that attracts buyers and maximizes your return. Whether you’re planning to sell soon or just curious about your home’s value, these steps will provide a clear and accurate estimate.

 

If you’re interested in a CMA of your home, contact us today.

 

Mass Properties

cathy@masspropertiesre.com

617-365-0934