What is your home worth today is a great question considering your home’s value may be higher today than tomorrow and vice versa. Determining the value of your home can be a task. It is not an exact science, but it also is not a guessing game or a matter that should be taken lightly. If you are planning on selling your home, there are several items that need to be taken into consideration.
By the way, thank you for reading my thoughts and experience when it comes to selling a home. I hope the following information helps you to price your home right when and if you decide to sell your home in the Greater Houston area.
First search for homes comparable to your home which have sold within the last 3 to 9 months in your neighborhood. If there are no recent sales within 3 to 9 months, search up to 12 months. For an accurate value have a Houston-area real estate agent to research the values for you or search information online from one of the large marketing real estate portals which likely will be unreliable since they are not local and do not update their listings as often as locally. Local real estate associations maintain accurate databases of homes that have sold, local agents populate the databases either the day homes are sold or within a few days.
Therefore, comparable means the square footage of the homes in your neighborhood, plus or minus 200 square feet of the size of your home. The age of the home within 2-5 years also, the number of bedrooms, baths, garage spaces (if the garage is attached or detached), private pool or no pool and if the home is 1 story or 4 stories.
You should be realistic about the value of your home, some homeowners believe their home is worth more than it is and frequently list their home with an agent who promises to sell their home at a higher value than what the data dictates. Consequently, it only leads to their home sitting on the market, getting stale for being overpriced and they eventually reduce the price to sell lower than it should have.
To obtain the value of your Houston area home today, it is best to call a professional and have them pull comparable homes in your subdivision that are currently listed for sale, homes that were on the market that has expired and homes that have sold.
- Homes in your neighborhood that are currently on the market show you your competition and the value that the homeowners wish to sell their home for.
- Homes in your neighborhood that have expired are homes that were either overpriced or another issue such as curb appeal or other major problems, but very likely overpriced.
- Comparable homes that have sold in your neighborhood are the only reliable source of value to guide you on how to price your home. The value of your home will be close to comparable homes that have sold plus or minus 3% to 5% based on how your home presents to willing buyers.
We would like to earn your business. Together we could come up with a great pricing strategy to sell your Houston area home.