Smart home appliances and technology are becoming more mainstream in homes throughout the country. Products and features once reserved for only the highest priced properties are now found in homes across the United States at various price points. In fact, in this segment of LXTV Open House we’ll see how you can make your home “smart” for $1000 with products from Nest, Lutron, Sengled and August.
You’re contemplating listing your home on the market, but you’re not sure how much its worth. You have a vague idea about a general price range, but you want a more accurate understanding.
Don’t worry – you’re not going to need to determine the price of the home yourself. Your real estate agent is a listing price expert. Your agent will guide you through the process, helping you understand how much your home may be worth and how quickly it may sell, based on a wide and complex array of market conditions and variables.
Your agent will consider factors like the home’s characteristics and market comparables when they’re determining a price.
Many agents have been in the business for numerous years, overseeing dozens or hundreds of transactions. Their expertise will help you determine how to price your home.
Read on if you’re interested in developing an understanding of some of the many factors that agents consider when they’re pricing your home.
Let’s take a moment to explain the concept of ‘comparable’ properties, and how these relate to the unique features in your home. This is what your agent will weigh when he or she is determining a price for your home.
Let’s illustrate this with an example.
Imagine that you own a 3-bedroom, 2-bath single-family home built in 1990. Three neighboring single-family residences have recently sold for $280,000 to $330,000, so you presume your home value is somewhere within that range.
But that assumption might not be accurate.
Your neighbor’s homes feature different qualities than yours. Your neighbor’s house has 4 bedrooms; another neighbor has only 1.5 baths. One house has a fireplace and swimming pool; another has a larger yard. One has Viking appliances. One neighbor has hardwoods throughout, while another has wall-to-wall carpet. One is sold as-is.
Are you starting to see the differences?
Your agent can’t just look at the raw sales numbers for these houses. To arrive at an accurate pricing picture, your agent must adjust the sales numbers based on variables such as:
Real estate agents are professionally trained in adjusting for these variables to arrive at a true comparison.
Ask your real estate agent to walk through the comps with you, explaining how he or she arrived at the final numbers. You might find yourself pleasantly surprised at how much your property is worth.
CBx is a proprietary platform that homebuyers, home sellers and real estate agents use in order to make the process of determining an accurate valuation of your home run more smoothly. Your Coldwell Banker® agent will be specifically trained and experienced in using CBx.
Ask your agent to explain the many special features of CBx when you’re pricing your home. Your agent will explain how it is a useful solution for determining the best price for your property.
Finally, initiate a conversation with your real estate agent about a critical question: Do you want to sell your home for top dollar, or do you want to sell it as quickly as possible?
Some homeowners and agents jointly make a strategic decision to slightly underprice their homes, just by a small amount, to facilitate a quick sale. These are self-described “motivated sellers” who want to unload their home as quickly as possible. They may be moving to another state, for example, or they may need to sell their current home before they can buy another one.
That being said, however, there are many ways you can position your home for a quick sale at full price. Making small improvements, such as fresh paint and exterior landscaping, can be effective at creating a ‘wow’ factor. Staging your home is another great way to entice buyers to make an offer.
Speak with your agent about how you can price your home for top dollar, without sacrificing speed.
No one wants to spend a fortune when it comes to selling a home, but you may want to spruce up a few areas to make your property more appealing to potential buyers. When it comes to upgrades, remember to focus on simple, clean home improvements that will make your home appear more modern and elegant.
Buyers may examine a kitchen space more closely than bedrooms and bathrooms because this is usually the area where they will spend the majority of their time. Small changes, such as replacing the countertops with a nicer material may be enough to give the space a new and fresh look. Consider using materials that are common in neighboring homes. A buyer may be less likely to purchase a home with tile countertops when the surrounding homes on the market all have granite or marble.
Old, ruddy cabinet handles, kitchen spouts and light fixtures can be a turn off to buyers and make the home seem outdated. Replacing these fixtures with modern hardware is a simple and affordable solution that can be done quickly. Most home improvement stores carry a variety of fixtures and hardware, and you can easily compare costs by doing some research online.
Updating the floors of your home is another important upgrade to consider as you prepare to sell. Hardwood floors can be refinished for a reasonable price, and you may want to consider shampooing any stained or worn carpets.
A simple coat of paint can go a long way in livening up a home or a particular room, and the right color can make certain smaller rooms appear more spacious and inviting. Most real estate agents agree that neutral and light or bright colors can make a room stand out, while still giving a clean appearance.
You may overlook the appeal of new front, back and side doors, but these features are some of the first things a buyer sees when they visit a home. You may consider painting your current doors to make them stand out or replacing any doors that are outdated or need repairs.
Working with Janet Kohl Group was the best real estate decision I ever made.
ERIC F.
I listed my property with another agent and it sat on the market for a year. Then Janet Kohl Group came to the rescue and my property sold in one day!
BONNIE K.