Category Archives: home sales price

What can I sell my home for?

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coins around home showing what home is worth“What can I sell my home for?” or “What can I get for my home?” is one of the most common questions we hear from potential home sellers, and one of the most important factors in almost every home sale.  Before home sellers can start dreaming of their next home, or start packing any moving boxes, they need to get a price for their home so they can buy their new dream home.  So how is that magic number—a fair (and top) home sale price—determined?

We’ll start by telling you what doesn’t factor into your home sale price:

The cost of your next home does not play a part in setting a fair sales price.  Just because you need $180,000 from your home sale to buy another home does not mean you can put your home on the market for that price (and often there are other costs that you’ll have to pay to sell your home-contact us to find out about home selling costs). In the same way, don’t factor the price you owe on your house when determine fair market value. While those numbers should be part of your personal financial calculations, those numbers mean nothing to potential buyers.

Do not use your property tax form to see what your home is worth. Even though your property tax form uses the term “fair market value,” the number is not applicable to your home sale price. Your home’s previous home sale price—even from just a year or two ago—does not factor into your current sales price because the real estate market fluctuates. To get the fair sales price, contact an experienced realtor who knows your area and local sales prices.  They can also make recommendations on changes you can make to get the most for your home.

Fair Home Sales Price Factors

When setting a price for your home, be realistic.  The best way to set a fair price of your home is to compare your home to all area homes for sale, or that have recently sold, with comparable lot sizes and square footage.  If you want to find that magic number that is fair and gets your home sold, hire an experienced real estate agent that knows your local market.  To get this number before you put your home on the market, contact a real estate agent to set an appointment so you can get a full review of your property and honest evaluation of a fair sales price for your home.

To make sure you get that sales price, invest in a pre-sale home inspection to determine if there are any repairs that need to be made before you put your home up for sale. A pre-sale home inspection can save you money on repairs, give you a smooth closing process, and guarantee you a higher sales price for your home. We’ve written about the benefits of a pre-sale home inspection before, and would recommend it for any homeowner considering selling their home—and wanting to get top dollar for their home.