Getting the right price for your home comes down to these three tips.
How do you know how much your home is worth in this market? Over the past few years, home prices have soared due to low interest rates, making home affordability relatively good for people. As interest rates have risen, the appreciation in home values has slowed down. Consequently, the gains in home prices are not as significant as before. Given these changes, you might be wondering what your house is currently worth and how to assess its value in this market. Today, I’ll cover three ways to help you determine the value of your home:
1. Using online tools. This first method, although the easiest, is also the least accurate. If you want to try it out, you can go to our website link: www.lincolnselectrealestategroup.com. By visiting the “What’s my Home Worth” section, you’ll receive a report providing an estimate of your home’s value. However, it’s crucial to consider that this report is entirely objective. It doesn’t know about any improvements or modifications you’ve made to your home, its condition, or how well it’s staged—all factors that can significantly impact its value. The value of similar homes on the same street can vary by $5,000 to $50,000, depending on these factors.
“By working with a real estate team, you benefit from their collective knowledge and have access to a broader pool of buyers.”
2. Hire a real estate agent. Work with a real estate professional who can perform a comparative market analysis. When selecting an agent, ensure they have access to recent sales data in your market. Outdated comparables won’t accurately reflect the current market conditions. Thus, obtaining the most accurate and up-to-date data is crucial. Ask your agent if the comparables are from your neighborhood, nearby, or far away. All of these details significantly influence the estimated price.
3. Work with a real estate team. Although you’ll primarily interact with one agent, that agent is supported by a team of individuals who collaborate and share knowledge. Additionally, other agents on the team may have buyers who have been searching for homes in your neighborhood. As the number of homes on the market has decreased, it’s challenging for individual agents to evaluate the condition of homes and their selling prices. With a team, you benefit from the collective knowledge and access to a broader pool of buyers.
These are the three methods, ranked from least accurate to most accurate, for determining your home’s value. If you’re seeking the most accurate valuation, we would love to assist you. Feel free to call or email us anytime.