So you're ready to sell your home and find a new one that offers the best amenities that fit your lifestyle. Right now, you're probably concerned about how to set the list price for your home, which can influence the type of home you'll be buying. You may also be wondering whether or not you should sell your home immediately, or if renovating or updating the property could improve your potential for profit.
Determine Home Values by Understanding the Comparables
Before performing any renovations or slapping on a sales price, you need to ask the important question, "What is my home worth today?". You can't rely on what you paid for the home several months or years ago because home prices fluctuate based on several factors including the local housing market and whether any changes have been made to the home over the years.
Property valuation tools give you an instant estimate of how much your home is worth that you can use as a starting point in determining the sales price.
Find the value of your San Antonio home today!
Yet you shouldn't stop there. You also need to identify the comparables – homes similar to yours – that have recently sold in your area. Also known as "comps", these figures allow a seller to see how much buyers are willing to pay for homes in a specific neighborhood. The comps you want to use are similar to the size, location, age, and other characteristics of your home and that have recently sold in the past six months. More recent sales are the most desireable comps.
Knowing the comparables is important because they can help you understand the mindset of today's buyers, discover which amenities they want most, and determine how your home compares to these other properties. By understanding the value of your home, and knowing what buyers are paying for homes in your area, you can set a listing price that will entice buyers.
How to use Comparables to Your Advantage
Now that you've idetified the comps, you have to ask the important question, "How do I use the comps to find the value of my home?"
You can go take a look at these neighboring properties to see what features they have and don't have when comparing them to your own home. While your real estate agent might preview the comps, it isn't a bad idea to drive by homes or visit open houses with your agent so you can see what other sellers are offering to buyers. You may find that your home has better upgrades that will allow you to place it immediately on the market at a better price. You may also discover things that you would like to add to your home as you may hold off in marketing the property until after the renovations.
Depending on how active the local market is, another option to consider is a lower listing price than other homes for sale in an effort to get more offers than the competing properties to make a fast sale. For those homes that aren't selling, you can identify the reasons why they've been on the market for so long. This can help you avoid making the mistake of overpricing your own home.
Get the Value of Your San Antonio Home to Make the Right Real Estate Decisions
Determining the right sales price for your home is so important. Yet you have to take the necessary steps to get the actual value for your home using valuation tools and obtaining an in-depth Comparative Market Analysis report from a real estate agent knowledgeable about the San Antonio housing market. Then you can use all of the available information to make the best decisions about when it is the right time to list and how to market your home.