The following article will go over my advice to Austin homeowners who are interested in finding out what their home is worth. If you are interested in looking at past home sales in your neighborhood, or homes currently on the market, feel free to do your own search on my website.
If you want to sell your home, but aren’t sure of the property’s value, what’s the first step you should take to get an idea?
The first step you should do is contact a real estate agent. I know this sounds biased, but they are experts and will be your best guide. Every market is different, and your neighborhood could be experiencing different market changes from a neighborhood just 20 minutes away. I suggest posting on social media and have your friends and family give recommendations on real estate agents they have had great experiences with. You can then look to see what real estate agent has a listing in your neighborhood and get their opinion as well. They will all be more than willing to help you, and you don’t pay them unless you want to move forward with selling your house with them. Let them help you!
How do you compare properties in the same neighborhood/local area to come up with a fair value of your own home?
Many sellers will already have an idea of how much they want for their home before I work with them. Because of technology I’ve recently worked with many educated sellers who know the market because of online research they have done. Yet, there is SO MUCH information to sift through, and not all of it is right. Sites like Zillow, for example, can often leave consumers misinformed. Your real estate agent will search the MLS (multiple listing services) and look to see what homes in your neighborhood have sold recently that are similar to your own. They will then narrow the comparison further by looking at any updates you have done on your home. Some brokerages like also let consumers search for “sold data,” but you will have to enter your information into their website.
What factors should sellers take into account when pricing their home?
Besides looking at recently sold homes, a seller should look out for a few more things when pricing their home. Consider the current inventory in the area. Are there a lot of homes available and have they been sitting on the market for a long time? Think about your situation. Are you eager to sell? Would you be ok with waiting six months? A year? You should take all of this into account when you’re coming up with a price.
What are other methods sellers can use to determine a fair list price?
Honestly, if I were selling my house today (and was not a Realtor), I would do my research online. I would then create a new email address and simply email 5-10 real estate agents asking them how much they thought my house was worth and how they came up with their information. They may find your information online so I would also say that I only wanted to be contacted via email.
Technology is extremely helpful with doing most research yourself, but that goes for everything in our lives today. It can almost seem overwhelming to think I can “google” anything I have a question about. If I wanted to build a house on my own, I could search the internet and find the steps to take and have a million different opinions on which way is the best way. But why would I do that? I don’t want to spend all my time and energy on that when I could be doing things I enjoy. So, I leave the work to the professionals and truly value a good recommendation.