When it comes to selling your home, determining the right price to list does not always come from intuition. Sellers must thoroughly investigate market trends in addition to features of the home in order to reach the magic number. This is especially difficult to do if you are pursuing  a “sell by owner” transaction and are relying on yourself to make the sale a success. No matter your selling situation, there are a number of routes to help you decide the market value of your home.

Perhaps you’ve been living in your home for decades and its value has fluctuated over the years. Where to start? Its hard to know the perfect list price from the get-go, but all you need is some research about recent trends and comparable properties.

You are, after all, making a very weighty decision. If you price the house or condo too high, then you will fail to make a sale. If you price it too low, you may not be getting what you deserve based on the prices of similar properties in the area. For example, if you’re selling a property in Escondido, the same property may have a different value if it was in Lemon Grove.

The best move is to get a professional appraisal. Real estate agents will determine, unit for unit, the value of your home as compared to similar properties in the locale.  Although it can cost a few hundred dollars, having a professional appraisal can make your property more attractive to buyers. You can also try working with multiple agents to get various perspectives. You will gain from the knowledge and experience of neighborhood trends that agents offer. They can suggest the best asking price based on the value they see in the property. Also, try asking an agent for a Comparative Market Analysis (CMA). Using certain details about the house and the nearby area, the agent can pull comprehensive data about the selling prices of comparable homes.

Another method for determining value is based on the property taxes you pay. Your city or county determines a tax rate based on what they perceive to be the value of your home. To determine this estimated value, multiply your base by the annual tax amount, all of which can be found on your tax statements.

Each of these methods will provide valuable insight into your house’s value, but they may result in differing numbers. Its best to use multiple methods and use your own insight and experience to decide on the value of your house.

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This is filed under Home Selling.


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