Figuring out what your home is worth and how to do it?
Figuring out what your home is worth and how to do it? We’ve got you covered.
Don’t rely on what your neighbor sold for
Your neighbor’s house may be similar to yours, but it’s not identical. Your home is unique in many ways: the neighborhood, the layout, construction and materials used, square footage, and room dimensions.
That means there’s no reason to assume that your neighbor’s sale price should be your guide when it comes time for you to sell.
For example, the house next door might have been on the market much longer than yours — which could mean that its owner had trouble selling due to structural issues or other problems with the property (and he/she had no choice but to settle). Another possibility is that a frantic seller fixed up their place prior to putting it on the market — and then overpriced it in order to make up for lost time during repairs.
Your home’s location matters
Location matters. If you were to sell your home in Chicago, IL, a buyer would be interested in the location, and how it impacts the price of the home. Location can affect how much you pay for your mortgage, and whether or not there are any amenities nearby. For example:
- A house with a view of the ocean is more desirable than one without.
- An apartment that’s within walking distance of shopping or restaurants will command higher rent than one further away from shops and restaurants.
Assess the condition of your home.
- Assess the condition of your home. When it comes to figuring out what your home is worth, the first thing you need to do is figure out how much work needs to be done on it. What’s more, you also need to assess what the cost of that work will be (or even if it can be done at all), as well as what its value would be when finished.
- How long will it take? Once you have all this information about your house’s current condition and future potential, consider how long it’ll take for things like repairs or renovations, as well as finding a buyer for your home once everything is complete. If these steps seem daunting or too time-consuming for your tastes — don’t worry!
- There are ways around them entirely by using other methods instead: such as using real estate agents who specialize in short sales specifically designed with quick processes that eliminate unnecessary steps while still getting results within weeks rather than months!
Consider your history.
Take a minute to consider the history of your house.
- Has it been a long time since you purchased or moved into the home? If so, there may be some value in its history as part of your neighborhood.
- Have you made significant improvements to the property? Has it increased in value because of these improvements?
- Have recent renovations brought out its architectural beauty or added value to other potential buyers?
How long has your house been on the market?
Timing is everything when it comes to selling a home. If you’re not getting any offers, it’s time to consider lowering your price. The “For Sale” sign in your yard will have a bigger impact on how buyers view your home than anything else — except perhaps its condition and location. If there are other houses on the market nearby that are listed at lower prices, buyers may be deterred from considering yours at all. As long as they’re motivated by price, they won’t waste time looking at properties they think they can’t afford or don’t want to pay more than what’s necessary for them to move into their next home. Of course, just because someone can afford something doesn’t mean he or she will buy it; this is where the appeal of your home comes into play.
Bottom Line.
While many buyers and sellers think that their home is worth a certain amount, it’s not always the case. It can be difficult to figure out what your home is worth because there are so many factors that go into this decision. You may have an idea of your house’s value, but don’t just rely on what you think or what the real estate agents are telling you. Instead, do some research on how much similar properties sold for so that you have an accurate understanding of their worth before deciding whether or not to sell or buy another property in Chicago, IL.
