Selling your home without an agent can be a big decision. It can seem like a daunting task for first-time sellers. Selling your own home on your own can seem enriching and there is no question that it is challenging to sell your home on your own, as there are many things that go into the process that a typical homeowner might not know. But thousands of people are doing it and once you know the process, it is actually very doable.
If you are planning to sell your own home and are preparing to put your property on the market, the biggest fear you may have is selling your home below its market value and losing money. But what is the right price for your house? The fair market value of a home defines what you could expect to receive if you sold your home that day. This value may differ as you ask different estate agents and estate agents. But why take his word for it?
If you don’t know how to determine the market value of your home, you are not alone. Most homeowners have no idea of the true value of their homes.
Don’t be an average homeowner.
Here’s how to find out the true value of your home if you sell it without an agent:
Factors that determine the valuation of a home
- Number of rooms
- Attractive exterior
- Square feet
- Kind of property
- Age of the property
- Updates and improvements
- Market trends
- school District
- Construction and repair
Use online valuation tools
There are numerous websites available on the internet that can give you an estimate of your home’s value, such as Zillow, CoStar, and Redfin, etc. You can use these sites, along with other methods, to generate a rough estimate of the market value of your property. To achieve accurate results from these websites, you must provide honest information about the property. It can also include any remodeling or updating work that you might have done after purchasing the property.
This is a very basic but effective method of evaluating the value of your home. Look for recently sold properties in your area that are similar to your home in size, features, age, and square footage. Find the median sales price of these properties by adding the total sales price of each property and dividing it by the number of properties. Repeat the same step for the square footage of the properties. Divide the median sales price by the average square footage to calculate the median property value per square foot. Finally, multiply the average property values per square by the number of square feet of your home. This will give you a very accurate estimate of the fair market value of your home.
Average sale price = total sale price of all properties / total number of properties
Mean square feet = Total square feet of all properties / total number of properties
Value per square foot = mean selling price / mean square feet
The market value of your home = Value per square foot * Number of square feet in your home.
Conduct a market analysis
If you hire a real estate agent, they usually do a market analysis for you to assess the value of your home. But since you are selling our own home, you will need to do a comparative market analysis on your own. To ensure that the price you have set for your home is fair, you should study market trends and the prices of properties around you in your neighborhood. In your market analysis, match your property with comparable properties in your neighborhood in terms of characteristics, to obtain an estimated value of your property.
Hire an appraiser
Home appraisers tend to give the most accurate home appraisals, so hire a home appraiser to do a property appraisal. The average home appraiser costs between $ 300 and $ 500, depending on the size and location of the property. When estimating the value of your home, appraisers consider trends in the market and comparable properties recently sold or listed. In addition to this, appraisers also research public records, obtain more information about the value of your neighborhood, and complete a much more thorough inspection of your home.