Finding the Value of Your Home

Finding the Value of Your Home

When you decide to sell your house yourself the time will come when you have to set the price.  You will need to determine what your property is worth, that will help you set your price.  Pricing your house to sell means you don’t set the price too high or too low.  Finding the value of your home is one of the responsibilities of an agent so when you work without an agent you need to understand the market.  Researching home values in your neighborhood can help you set your price.  Let’s look at how to do that.

Looking at the “Comps”

What are comps?  Comps are comparable houses of roughly the same size, same features in the same neighborhood.  It is the best way of seeing what your home would be worth.  If you’re wondering where and how to find these listings, don’t worry there are plenty of free tools online that can help you.

Finding Your Homes Value

  1. Start by going to Zillow or Trulia to look at some of the recently sold properties that are like yours. All you have to do is to input your zip code and it will show on a map the recently sold properties.  You can filter the results even further so the number of bedrooms and square footage to get closer to the features in your own home.  Ideally you want about 6-7 listings to compare to.  Bear in mind that just finding the price doesn’t tell you everything about the deal, the seller may have agreed to do some repairs or agreed to a discount for one reason or another.
  2. Take a drive and go see these houses. Listings generally only highlight the positives of a home it doesn’t paint a full picture.  A house on a family friendly dead end street is far different than one with a highway in the backyard.  You won’t be able to get into the home but you can take a closer look at the neighborhood.  Look for things like curb appeal, where the schools and shopping are and other features of the neighborhood.
  3. Now it is time to figure out the value of your house and set a price. Choose two or three of the properties that are closest to yours and get an average price, you can take the price per square foot and apply it to your own home.

Setting a price or finding the value of your home is not the easiest part of selling your home on your own.  If it is within your budget you may want to get an appraiser to do all of this for you.