How do real estate agents put a value on your home? There are three main areas to consider, which will also be looked at by an appraiser: area, square footage, and year built. We want to compare your home to similar homes in the area with similar square footage that were built at the same time and have the comparable amenities.
We also take remodeling into account. However, there are certain things like crown molding and granite countertops that don’t always add value to your home. These are the kinds of things you’ll need a professional agent to look at when determining value.
Real estate agents really are interpreters of the data. We look at the MLS and comparable properties, then bring them to you, the homeowner, to figure out what a good price would be for your home.
Once your house is listed, we then know whether your house is priced right based on activity like showings and offers. According to the National Association of Realtors, if you go more than two weeks with minimal showings or no offers, it means that buyers are indicating that your property is overpriced.
If you’re wondering what your home is worth because you’re thinking about selling, thinking about refinancing, or are just curious, give our team a call and we’ll help you determine your home’s value free of charge. I hope to hear from you soon!