Price Your Tooele Home Like a Pro
It's important to price your Tooele home like a pro.
Establishing the right price to list your Tooele UT home is a tough job, even for an experienced real estate agent. Pricing a home so that a home seller gets the most money in a reasonable amount of time is the challenge every seller faces. But.... for a local professional, determining an accurate list price for a home is a piece of cake.. We can remember, however, when we were consumers like you and how confusing so many aspects of real estate are. Home value is one of many.
Simply put, market value is how much money a willing buyer pays a willing seller. You find that information out by finding out how much buyers have actually paid for similar homes. Here are examples of some similarities to look for when determining the market value of a home:
The age of your home should be within 3 years either side of the ages of the comparable properties. Older homes and newer homes cannot compare when determining market value. Remember the apple to oranges comparison theory.
2. How big is it
We look for recently sold homes that are of similar size to yours. Square footage is the determining factor for this. If we cannot find similarly sized homes to use as comparable, we’ll use larger and smaller and know that yours will be valued between those two. We’ll also consider the number of bedrooms and bathrooms, and match those when possible. While cost per SQFT alone is not a good indicator of value it may be part of the plan here.
Location, location, location, haven't we heard that means everything in real estate? We try then to choose similar homes in the same general area of your home. If few sales have occurred there we’ll move out geographically, choosing neighborhoods as similar as possible to that of the subject home.
4. Upgrades, amenities and condition
Even the best appraisers will tell you that this is the trickiest part. Does your home have amenities, or lack amenities compared to other recent sales? Here are things to remember.
Once we’ve analyzed these four factors when comparing yours to the recent sold homes in your area, we are able to determine market value, and an asking price, for your home.
This whole exercise is quite similar to how a lender’s appraiser will determine the value of your property. They also use public records and other tools that may cause his or her market value to differ from the value we come up with.
Since the home will be used as security for the buyer's loan, the lender will rely on the appraiser’s estimate of value, not a Realtors.
Even so, choosing a local Tooele agent with experience to help establish a listing price for your home is very important. Price over market, = no lookers = no buyers. If you do get a buyer @ that price, the mortgage company will not lend enough money.
Underprice and a lot of your profit goes out the window. (and in the buyers window)
There is no substitute for experience in evaluating home values.
Need more info? Here are some articles published on Active Rain regarding home appraisers, and what they do and should not do. I copied them for you the way they were presented so I hope the appropriate credits are obvious.
So, I guess the bottom line is, a lot of problems can be avoided with the right agent. I'd like to apply for that job, and help you price your Tooele home like a pro.
Call me Berna Sloan 435-840-5029. Let's do this.
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