One of the hardest things for a home owner is estimating the value of their own home. In nine out of ten cases, homeowner perceive their properties to be worth more than anyone else will be willing to pay.
That’s why need a real estate agent you can trust. One of the biggest values offered by a professional real estate agent will be their ability to assess the value of your house objectively. The second big value will be their access to a database of previous home sales in your area or neighborhood. So, for example, if you live in Issaquah, you’ll want to find an agent who specializes in Issaquah real estate rather than some other city.
While you can easily see what house are being listed for in the area, your real estate agent will be able to see what they actually sold for. While this will help somewhat in deciding how to price your home, it will help a lot in developing an accurate expectation of what to expect from the final outcome.
For instance, if homes in your area tend to go for around 6% under asking price, you know you’ll need to be prepared to flex on your original price. The offers you receive on your house will likely be less than the full amount you’re asking for. The good news is that your real estate agent will have prepared you for that event long before it happens.
On the other hand, say you live in Seattle where homes tend to go for a fair bit over asking price. Ballard real estate alone goes for considerably more than asking. This indicates a highly competitive market, but doesn’t necessarily mean you can get away with pricing your home high from the get go. It means that you should price it according to the market but expect to receive either multiple offers, or a single offer that’s more than you asked for. When the market is ultra-competitive the seller is at an obvious tremendous advantage.
When you’re selling a home in competitive real estate market, we’ll you’ve hit the jackpot. Congratulations! This can happen for a variety of reasons. Perhaps it’s good luck with the timing of the market or perhaps you live in an area with great schools and people want to move there. Seattle schools, for example, vary widely by neighborhood and directly affect the home values there. It’s what makes Ballard real estate more valuable than west Seattle real estate.
To truly take advantage of the situation you find yourself in, you need to know a few things to leverage and look for.
The obvious advantage is that you’re likely going to get more for you home than you paid for it and make a nice profit for yourself, of have more money to invest in your next home.
Some of the other opportunities available to you may be less obvious. For instance, did you know that you can cut the time span of which you have to “show” your home in half?
You may not have given this aspect of selling your home much thought at all. But let me tell you, it’s something to consider.
Having your home on the market while you live in it can be a surprisingly difficult and trying time. Not only do you have to keep the home looking like no one actually lives there (ie no socks on the floor, no dishes in the sink, crumbs on the counter, towels slopped over the bar), but you have a stream of total strangers going in and out of your house. To make things worse, you’re not even allowed to be there when they do this!
Many people find this time to be much more difficult than they initially anticipated, especially if pets or children live in the home.
Selling Your First Home
Once you’ve achieved the American dream of owning a home, it usually isn’t but a few years later that people decide to sell that home an upgrade. Reasons vary from starting a family and needing more space to relocating due to changes in a job. Often the first home you buy is smaller and more of a fixer that you would ideally choose if you could afford something else.
Often a few years of home ownership is accompanied by an increase in income, making an upgrade possible and desirable.
While you’ve likely been through the steep learning curve of shopping for a house, finding the right neighborhood and qualifying for a loan, you may know very little about selling.
The first thing to understand is that no one will value your house the way you do. No one. You moved into that house, just starting out—maybe just after getting married or landing your first big job. Your heart soared at the chance to realize this big achievement and you put everything you had into making it happen.
On top of that, you built memories there. Important memories that you’ll keep all your life. You may have fixed it up on your own, invested blood, sweat and tears. You may have started a family in that home or met your spouse while living in that home.
These memories and moments are precious to life and we often attach them to the house itself, which can make objectively appraising its value difficult.