Email Post to a Friend: How Does My REALTOR® Determine My Home's Value?

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June
25

Home Valuation - Margaret Rudd & Associates

Our REALTORS® are experts when it comes to determining the best price to set for a home. Southport homes for sale can go for a wide range of price points. Many factors go into the final calculation and having outside help is essential. When sellers choose to set their own price, they often overestimate. It's easy to price a home out of the market simply because the value it has for you will influence your thinking. Of course, your feelings about a property do matter! And you want to find someone who will pay you enough to reach your goals and make saying goodbye worthwhile. That's where a REALTOR® comes in.

With years of experience navigating the Southport real estate market, a good REALTOR® is your best ally in setting the perfect price for your home. When you attract attention from motivated buyers, you'll often get more at closing than you expect. Buyers compete—you stay focused on what matters to you. Wondering how a REALTOR® makes the call on a property's value? This quick crash course will give you the basics:

  1. Amenities of the Home
    It's no coincidence that the number of bedrooms and bathrooms is one of the first things people look at when they check a listing. Amenities can add value by lowering cost of ownership—as with efficient appliances—or matching a buyer's lifestyle. Be mindful of trends: An on-trend layout can entice buyers, but some amenities that might look fun, such as a pool, can turn them off.

  2. Condition of the Home
    No home lasts forever, and the older a building is, the more significant its maintenance needs will become. The average residential structure can last about 100 years, but problems accelerate along the way. Most buyers have been drilled to turn away from homes where they find serious issues like electrical problems or pests. A home inspection will highlight any maintenance woes.

  3. Location (Location, Location)
    From your part of the state to your part of the neighborhood, location matters. In some cases, it's the most influential element in determining a home's value. That's especially true when it comes to location near the ocean. An oceanside home gets a beautiful view, built-in recreation, and a favorable "microclimate." Everything just looks and feels better.

  4. Recent Sales in the Area
    This is the bread and butter of any truly accurate analysis. To determine how much a home is worth, a REALTOR® needs to look at sales of similar properties in the recent past—ideally, within the last three months. "Similar" should include close comparisons of all the factors above. This way, a real estate expert can zero in on how much a motivated buyer is willing to pay.

  5. Professional Appraisal
    A professional home appraisal is an optional step that can be used to get an opinion from an outside appraisal expert. It's not the same as a home inspection, which many buyers will expect to have done unless a recent inspection report is already available. Despite the name, it's not an "official" statement of a home's value, but it can help you strategize.

  6. Seller's Preference
    Yes, the seller's goals do figure in when it comes to setting the price. For example, you may have financial obligations you wish to meet from the profit of your sale. Or you may simply be motivated to make your move quickly. Still, subtlety is the key: Setting a price too low may lead buyers to think something is wrong. Setting a higher price may call for sweetening the deal.

Have additional questions about selling your Southport-area home? We're here to help. Contact us today for personalized advice.