How much is this house worth? | Flavin Realty

How much is this house worth?

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How to determine a home's market value

Pricing a home is no easy task. With so many variables and questions to consider, it can be overwhelming to figure out whether a home is worth what the seller asks or how to competitively price you home for sale. But some research and the help of a real estate professional can make the process simple. 

Step #1: What plays a role in your home's market value?

Staying objective is the key to identifying a home's market value. Viewing the home from a buyer's perspective will make determining its value easier. But remember, there's more to the price than just mortgage payments and your personal opinion. Here are a few factors that may affect your home's value. 

  • Location: Is the house in a prime spot of town? Are there (good) schools nearby? What about grocery stores or shopping centers? 
  • Curb appeal: Is your landscaping well-cared for? Is the paint peeling? Does it "look nice" or like a fixer-upper? 
  • Size: What's the square footage? How many bedrooms and bathrooms are there? How large is the lot (if applicable)? 
  • Renovations: What have you done to increase the value of your home recently? Will the HVAC, appliances or roof need to be serviced or replaced soon? There will be some key items in home pricing.
  • Other aspects to consider: Beyond things directly related to the home itself, it's wise to consider current mortgage interest rates, time of year, current events (like a pandemic), supply, demand and other homes in the area.

Step #2: Use online resources and tools to determine a price. 

Getting an online estimate of a home is easy, and there are plenty of websites out there to help you find that number- including our website! While this doesn't always give a perfect number, it is a good starting point in determining a home's worth. Online pricing tools estimate a price based on things like the year the home was built; the number of rooms, bathrooms and bedrooms; the type of home (condo, single family, etc.); the square footage; the HVAC system(s); the number of parking spaces; and how much the previous owner paid for it. All of this information is public record, so online tools combine these numbers to give you an estimated cost. But remember, online tools don't account for things like available inventory or other outside factors, so it's just a starting point.

Step #3: Work with a real estate agent to find the perfect price. 

After you've done your research, working with a real estate agent will be beneficial in determining a home's value. Realtors have a wide variety of resources and up to date, in-depth knowledge that will help you sell your home (and possibly make you more money) or put in a competitive offer (and maybe save money) on a home you'd like to buy. Because of their extensive knowledge and experience in your local area, they know what buyers want, what sellers can offer and how to weigh different aspects when getting a final number. No computer can calculate exactly how a new filtration system, appliances, improved lawn care or even a new roof will affect your home price, so leave it to the experts.

Real estate agents are happy to assist you in this process while bettering your understanding of a home's value. In fact, they prefer you enlist their help because it will benefit you and the buyer in the end. If you or someone you know is in need of real estate services, Flavin Realty has a team of highly qualified agents that are happy to help. For more information, call us at 800-231-8530 or click here.