Category Archives: home asking price

How do I determine my home’s asking price?

Share

brick home with for sale sign outside because of fair asking priceOne of the most common questions we hear from almost every home seller is “how much can I get for my house?”  It’s a very important question, and also a very loaded question because the process of determining the value of a home is not cut and dry.  The best way to find out is to schedule an appointment with a local realtor who buys and sells homes in your area.  A realtor can tour your home and give you the numbers that you need to decide whether putting your home on the market is the right move for you.  Here are the factors that play into those numbers:

Location

The old real estate adage “location, location, location” is set in real estate market stone.  Your neighborhood, proximity, sense of community—all of that information plays into determining the asking price of your home. It’s also one of the reasons why homes within a mile (or less) can have dramatically different asking prices.

Condition

Obviously a well-kept and maintained home is going to be worth more than another property with a bad roof and cracked windows.  The condition of your home, both interior and exterior, factors into the final price tag of your home.  It’s also one of the reasons why you should pay attention to creating a favorable curb appeal when selling your home.

Square footage (inside & outside)

The size of your home and lot are not the sole determining factors in the value of your home, but it is a part of the overall picture.  A 5,000 square foot home on a half acre lot is probably going to have a higher asking price than a 1,000 square foot home on a smaller lot, even if they are located next to each other.

Comparables

An experienced realtor that knows the ins and outs of your area can give you their opinion about what to ask for your property based on what homes have sold for around you.  Commonly called the comparables, sales of homes with similar square footage, condition, and location are one of the key factors in pricing your home.

Upgrades

If you’ve been smart about your renovations, you may be able to recoup some of the dollars (and time) you’ve invested in your home.  Upgraded kitchens and bathrooms (remodeled so it is not “over improved” for your neighborhood) can add dollar signs on to your asking price.  The exact upgrades and added value depends on the location of your home, but an experienced local real estate agent should be able to give you numbers—and the asking price that’ll get your home on and off the market.