Home Evaluations - a Valuable Tool

By: Virginia Wherland

In today's real estate market, one of the most important things you can know is the actual selling value of your home. It is something that can dictate the amount of money you have to do renovations, or the amount that you should ask if you are considering selling your property. Home evaluations have been a valuable tool in the arsenal of home owners for years and their importance has not faltered in today's high-stakes real estate market.

Home evaluations depend on a variety of factors. Typically a home's value will be dependent on the following things: comparable homes sold in your area, listed homes in your area, FSBO homes listed and sold and then, finally the distinct features and assets that your home offers. For instance: if your home has 3 bedrooms, 3 bathrooms, and a size able piece of land; it will be compared to other homes that match that criteria. Once the basic comparison is done, other elements such as a new kitchen, a newly renovated bathroom, pool or hot tub or renovated interior will be taken into account.

One of the most important things that a home analysis shows you is the price range for your neighborhood. A seller must be careful to not price their home outside of what people are willing to pay for the area. Generally speaking people will not pay $500k for a home that is nestled amongst $150k homes, unless it is something that is mind-blowing spectacular.

If you are not too happy with the number that comes back from the evaluation, why not dip into the accrued equity for some price-increasing changes? Selling a home is an art that is only made simpler by having a lot to offer buyers. Today's buyers are always (mostly) looking for homes that have been renovated and improved. There are some that are seeking a more historic look and feel to homes but even then, most want that feeling and atmosphere accompanied by modern conveniences. After you have made the changes try having another evaluation done, or even consult with your realtor as to which changes will bring better value to your home.

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