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2016-04-20 15:27:30
Price Your Tooele Home Like a Pro

 

It's important to price your Tooele home like a pro.price your home right

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:

  1. How Old is it

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. 

  1. Where is it?

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.

  • Appraisers will deduct value from your home if your home lacks upgrades that nearby homes feature.
  • Remodeled homes are typically worth more than those that aren't.
  • An updated kitchen or bath will add value over a home without those improvements.
  • A well-maintained home has a higher value than a run-down home.

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.

Enjoy

activerain.com/.../communication-between-realtors-and-appraisers-is-allowed
@Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson SC
Sep 25, 2015 ... Communication Between Realtors and Appraisers IS Allowed – Sort Of As Realtors, we have all gotten back an appraisal and not agreed with ...
activerain.com/.../frequently-asked-questions-appraisers-regarding-real-estate -appraisal
@Appraiser, Ken Rossman - Boynton Beach FL
FAQ Frequently Asked Questions about Real Estate Appraisals - The How and Why. How to become a real estate appraiser. Rules for real estate appraisers.

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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