By Matthew Trudel
It’s
that time of year again, when everyone is getting anxious for spring, filing
taxes and thinking about perhaps purchasing a new home. If not for the first
time, it might be a second or third home. It might be that you are thinking
about selling your current home, so you can make that move to a bigger house or
the house on the water that you have always wanted.
Whatever
the circumstances are, both buyers and sellers are thinking about how to
prepare and when to start the process. Start the process today, this market is
not slowing down in 2019.
For
both buyers and sellers, the first step is selecting a Realtor® to help guide
and assist you. Locating the right
professional who listens to your real estate needs and has the experience and
knowledge to successfully meet those goals is imperative. I have written
numerous articles on this process and would be happy to email them to anyone
who would like more information on some of the things to be looking for in a
real estate professional.
Determining
the value of your home is one of the top questions we are asked from sellers.
They want to know what the value is, how much is it going to sell for, how long
is it going to take to sell and what it’s going to cost to make all this
happen. Without a crystal ball a couple of those questions can only be answered
by experience, research and an educated guess.
Let’s focus on determining the value of house.
The
value can be calculated several ways, and for the record, Zillow is not one of
them. Looking at what similar style homes sold for in the past six to 10 months
is one way of determining the value. This is what we call a market analysis.
The key here is to be sure you are looking at SOLD houses, similar in age,
condition, style, acreage, location, amenities, and much more. Houses that are
currently for sale are not what you want to use for determining the value of
your home. Those houses can help with
determining the pricing of your house, but not the value. The pricing of your
home and the value of your home are two different things.
When
working with buyers, I do the same process for houses they might be interested
in purchasing. We put together a market analysis on the value to be sure they
are not overpaying for the house, unless that home offers something that is
unique to them that they find value in that other buyers may not. Value in this
situation is based on what someone is willing to pay and what personal value
they place on the house or extra amenities. Having a Realtor® with years of
experience can help you with placing a value on those unique amenities.
Determining
the list price after you have a solid grip on the value of the home is very
important. The amount a seller is
willing to accept is part of the equation, and so is what a majority of people
would be willing to pay for the house. Another important factor is what the
competition is asking for other homes. All of these play a factor, as does the
number of potential buyers. Overpricing
a home will greatly reduce the number of potential buyers, sometimes by over 50
percent. Talk with your Realtor® and
remember that having an accurate and realistic value is crucial when listing a
home.
Matthew Trudel is owner of Five Star Realty in Windham
and can be reached at 207-939-6971
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