Home Evaluation: How Much is My Home Worth?
Your home value. You’ve probably seen lots of ads online stating: “Get an instant value.” While those may be close and give a general idea, the program algorithms can’t take into account neighborhood specifics, condition and quality. Watch my video on your home value.
For the best market analysis, you need an expert evaluation. (that would be us 🙂
We’d come over to your home, take a look around, ask questions about roof age and improvements you’ve made, and answer any beginning questions you may have. We’d even start the conversation about what needs to be done to make the home as show ready as possible. Depending on your questions, 30 minutes tops.
Then we go back to the office and run the numbers. I always want to make sure to give you the most accurate value as possible – firing a value from the hip does no one any good.
Once we have a value, we set up another time to meet with you and go over all the numbers with you. We talk about the process and will be ready to sign paperwork if you’d like to list!
Just thinking about it? No worries – we can help you plan for when you are ready!
It’s easy! Fill out the form below or contact us (text or call) 605-593-9367.
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How do we figure your home value?
Now maybe you are thinking: “I paid this much, plus I’ve spent this much on improvements, and I expect to make this much on the sale – so the listing price should be $xxx,xxx. Right?”
Sorry, that’s not how it works!!!
Here’s the deal – a home should be priced according to market value. Market value is determined by what recent buyers were willing to pay – homes SOLD in the last 6 months. (This is the same process that appraisers use to determine appraisal value.)
We look at the price similar homes sold for, adjust for amenities, square footage, condition, etc. and come up with a market value range. At this point it’s up to you to decide where in that range you want to price your home.
Homes priced in the market value range have more showings and sell faster (and usually for a higher price) than those that aren’t.
Why? Homes that are overpriced don’t get showings. And no showings, means no sale, which means you have to drop the price to get showings. Now it’s been on the market for some time, so the days on market is larger – another negative to buyers. In the end, you may end up selling it for considerably less than market value range.
Underpricing your home has it’s own problems as well. Buyers immediately think, “How much work will it need?” and may not look at it if they aren’t the DIY type. (Plus, you get less for your home, and that’s not in your best interest. 🙂 )
So that all being said, pricing your home in the market value range is the best course of action.
How does one find market value range?
You can attempt to do it yourself, but that’s like trying to perform surgery on yourself, which we hope you wouldn’t do. REALTORS have all the data available to them and are trained to determine the market value range*.
For a more accurate price analysis, let us help! We’ll tell you what you need to do to make your home ready to sell, go over our marketing plan with you, and give you a true value of what your home is worth today.
* We just gotta point out, that if you have a unique home – a dome home or one on stilts….. finding the market value range can be hard even for us REALTORS. We use our training, data, and professional knowledge to give you our best advice.
Thinking of selling your Rapid City area home? Give us a call!