Every home owner has probably looked up their estimated property value online. Popular sites like Zillow and Trulia often offer a very rosy picture of property values.
But can these estimates really offer valuable information? Without actually seeing the interior?
These online sites are a great place to start, but there are many things that factor into the optimal selling price of a house.
What To Know Before Pricing Your House For Sale
Knowing your neighborhood is an important part for pricing your house for sale. There are many variables that can affect a property without the owner being truly aware.
The Age of Your House
If you live in an older house, it might make it more difficult to have an accurate estimate for several reasons. The neighborhood may have a variety of architecture from different eras, as older properties are demolished or gutted to be reborn with modern standards. It may be difficult to compare the values of these properties because features will be very dissimilar.
In addition, records of work may be incomplete, inaccurate or work may not have been permitted making it even more difficult to determine values. Unpermitted work, no matter how appealing, can severely affect the value of a house. In addition, construction standards change over time, adding to the uncertainty.
The Condition of Your House
If you live in a community where the houses were all built at a similar time, such as tract homes, the condition of a house is an important factor in determining the value. A well maintained, renovated house will have a higher value than a property that has never been updated or is poorly maintained.
Districts Around Your House
Some cities are laid out in a methodical way. Others have pockets of neighborhoods with dissimilar communities right beside each other, or belonging to different school district or other determining factors. This is important when considering the information provided by appraisal sites. They tend to come up with their estimates based on averages within a certain radius. It is more likely that an appraisal done by a professional who has seen the area will offer a better assessment for this type of situation.
Frequency of Sales
It may be possible that sales in your neighborhood are infrequent. This is often the case in rural neighborhoods or for estates. This may make it difficult to determine the value of your property. In recent history home values have changed drastically and that makes it difficult to compare value over time when there are few comparisons.
Uniqueness of Your House
If your property has a unique feature or features, getting an accurate appraisal may be tricky. A custom designed home, an old repurposed firehouse or bank, special geographic feature such as a natural waterfall on the property or the very latest technological upgrades may make it difficult to find comparable homes.
The best way to come up with a price for your house is to be as informed as possible. Looking at online appraisals is a great first step. Professional appraisers will have experience in evaluating any unusual characteristics of your property or neighborhood. Be sure to share and discuss any history or information about the neighborhood to which your appraiser may not have easy access. It will help you to receive a more accurate report.
If going through the long appraisal process isn't something you wish to consider right now, we can help.
If you have come to the realization that it is time to move right now to have a better life, but your house isn’t ready for the traditional market, we can help.
If you are juggling too many responsibilities to sell your house yourself this summer, then there are people who specialize in the sale of properties "as is" - usually within a week to resolve the situation quickly. We have a team of professionals able to assist you immediately.
Contact us for details.
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