Posts Tagged ‘home values’

How to Accurately Determine your Home’s Market Value

Thursday, June 17th, 2010

Home valuation is certainly a point considered by sellers everywhere. After all, we want to get the most money out of the sale of our house, and we want to price our home aggressively enough to draw attention.

Your home’s market value may determine whether you sell your home; the listing price of your home; if you are able to refinance your mortgage; and for the purposes of purchasing homeowners insurance and paying property taxes. Because of these factors (plus many more), it is important to determine how much your home is worth. The question is: how can you accurately determine the fair market value of your home?

  • Talk to a licensed, qualified real estate agent – There are many real estate agents who will gladly provide you with a comparable market analysis, even if you have no immediate plans to sell your home. Many agents will perform this free service as a marketing tool so that you may consider them if you need the services of a real estate agent in the future. A comparable market analysis may provide you with a wealth of information regarding your home, including the prices of recently sold homes and the prices of comparable homes on the market, so that you have a good idea of the value of your home if you were to list it today.
  • Tour open houses in your neighborhood – Sometimes the best way to get an idea of what your home may be worth is to head to some neighborhood open houses. This may allow you to view the condition of other homes that are comparable to your home, and may allow you to get a better idea of what other sellers are doing to their homes in terms of remodeling, updating and decorating.
  • Search for comparables online – The convenience and practicality of the Internet has made searching for homes easier than ever. In addition, searching for comparables is even easier, as search parameters allow us to narrow down our searches to only those that fit our needs.
  • Purchase a professional appraisal – A professional appraisal, although it may cost you several hundred dollars, may be a wise choice if the value of your home is dependant on certain financial decisions, such as a mortgage refinance or home equity loan. Most professional appraisers will come to your home and use recent market data to give an opinion to the current value of your home. A professional appraisal report will be detailed and will likely include the criteria that the appraiser used to determine your home’s market value.

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Determining your Home’s Value

Monday, June 7th, 2010

Plano home sales have been quite brisk, given the fact that many homeowners are flocking to this city because of its great quality of life and its exceptional real estate options.

Looking at Plano home sales and it becomes evident that Plano is a hot spot for real estate activity. However, whether you are planning to buy or sell in Plano, how do you know if you are getting your money’s worth? In short, what is your investment worth, and what dictates the price of your Plano home?

Before you begin looking at Plano home sales, consider that a variety of factors determine a home’s price. Plano home sales, of course, are based on their location and square footage, but there are also a lot more factors that determine the price of a Plano home:

  • A Home with a View – If you enjoy a home with a view, consider that this feature of a home may be worth more than you think. In short, people pay for views, so expect to see views (or lack thereof) dictating Plano home sales.
  • The Lot – The lot – in short, the position of the lot – is incredibly important when considering the price of a home. Some of the considerations include the size of the lot, the position of the lot and whether the lot is flat. Odd-shaped lots, or those that face neighbors and offer little privacy, typically cause the home’s value to drop.
  • Landscaping – Landscaping can play a big role when it comes to pricing Plano homes for sale; particularly for luxury homes. Is the lot wooded? Is there professional landscaping surrounding the home? Are there mature trees and is the landscaping well maintained? All of these questions play a huge role in determining the value of a home.
  • Square Footage – Although the number of bedrooms and bathrooms is often a determining factor when consider the price of a home, the size of the home, or the home’s square footage, is also a consideration. However, the only time the size of the home is detrimental to the value of the home is when it is either much smaller than nearby homes or much larger than nearby homes.

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How to Develop an Accurate Pricing Strategy for your North Dallas Home

Wednesday, March 10th, 2010

North Dallas home values have been leveling off, and many areas of North Dallas are now showing signs of appreciation. Although this is certainly good news for anyone trying to sell a North Dallas home, it can prove to be quite tricky when it comes to developing a pricing strategy.

If you are unsure about the changes in North Dallas home values, and how this may affect your pricing strategy, you’re not alone. Most sellers want to price their homes aggressively, and also price them to reflect the changes in home values; but they also don’t want to price themselves right out of the neighborhood.

How to Develop an Accurate Pricing Strategy:

  • Hire a qualified, seasoned real estate agent – This is one area of selling your North Dallas home that you don’t want to skimp on. Find a top-notch agent who understands the market, and also understands your neighborhood and where North Dallas home values are headed.
  • Price it right – Although this may seem like a no-brainer, many sellers, absolutely sure of their ability to sell their home at a higher rate than other comparables in the area, find themselves sitting on their property without an offer in sight. The bottom line is that your pricing strategy should accurately reflect North Dallas home values, not your idea of what you think your home is worth.
  • Develop a realistic sales strategy – Decide upon your sales strategy beforehand so that your game plan is put in place. More importantly, however, make sure your sales strategy is flexible so that you can react according to the market and according to home values.
  • Make it ready to sell – Most buyers of today are looking for turn-key properties, so make sure your home is in excellent condition before you list it for sale. It is important to realize that all the pricing strategizing in the world can’t make up for a home that doesn’t compare to other homes in the neighborhood. Clear out the clutter, stage it to sell, and perform any repairs or upgrades that will allow it to compete with other homes for sale in the neighborhood.

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The Top Five Reasons your Home didn’t Sell

Thursday, August 20th, 2009

You just don’t get it. Your home has been sitting idle on the market for the last six months while the other homes for sale in your neighborhood have long since sold.

There are five, major reasons homes don’t sell. Therefore, rather than spending your time cursing the “sold” sign in your neighbor’s yard, take the time to figure out where you went wrong:

  1. You priced it too high. Even though your real estate agent advised against it, you went ahead and listed your home according to what you want for the home, instead of what it is worth. Listen to your real estate agent and take a close look at the comparables in your area and rethink your pricing strategy. After all, there is no better way to scare buyers off than with a sky-high asking price.
  2. You’re not willing to negotiate. Let’s face it: not every offer is going to be the perfect offer. However, if you are unwilling to negotiate and counter offer, then you may very well lose out on a potential sale. It is important to put your ego aside and simply make a counter offer instead of outright rejecting an offer.
  3. You are not flexible. Selling your Irving home is typically inconvenient and frustrating, but it is important to hang in there and remain flexible. Sellers who are not willing to show their home at a moment’s notice; who are not willing to settle upon a different closing date; or who are not willing to consider buyer incentives are simply shooting themselves in the foot, particularly during a buyer’s market.
  4. Your home is not clean. You can have the best property and the best features and finishes, but if your home is not clean, you will certainly turn off many potential buyers that walk through the door. The bottom line is that buyers must feel comfortable in your home and they must envision themselves living there; and that is hard to do when the sink is full of dirty dishes and there is pet hair stuck to the carpet.
  5. Your home is not updated. In order for your home to compete with other, similar homes in your neighborhood you must make sure it is fresh and updated. Take a quick tour through other homes for sale in your neighborhood and compare the features in those homes with yours. Then, make the necessary changes so that your home can compete with other comparables in your neighborhood.

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Should I Lower the Price of my Home?

Tuesday, August 18th, 2009

In this tough housing market it is not uncommon for frustration to set in rather quickly. If you are desperately trying to sell your property and have little or no luck, you may begin to question many of the decisions you and your real estate agent have made.

One of the issues in particular that many sellers begin to question is the price of their home. Is it attracting buyers or scaring them away? Is it on target with some of the other properties in the area? Does it reflect my desire to sell?

So, when do you know that it’s time to lower the price of your home?

Although there are no steadfast rules regarding pricing your Irving home, let alone lowering the price of your home, you can make a sound judgment by reviewing a set of factors and asking yourself some basic questions:

  • How long has my home been on the market? What is the average number of days on the market for homes in my neighborhood? It may be quite frustrating to have your home on the market for 60 days without an offer, but it may be quite common for homes in your area to sit on the market for 60 days. You real estate agent can help answer this question for you so that you can determine whether your home’s time on the market is common or out of the ordinary.
  • What have potential buyers said about my home? Buyer feedback is very important and can provide you with a wealth of information regarding the price of your home. If buyers are reporting that they feel your home is overpriced, then it may be time to consider a different pricing strategy.
  • Am I pricing my home according to the market, or according to what I want to make? Answering this question honestly can often reveal whether you have chosen the price of your home for the right or wrong reasons. Although we all may have an idea of what we would like to sell our home for, the reality is that we must price our home according to the market conditions, not according to our pocketbook.

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The Top 10 Do’s of Selling Your Home

Tuesday, June 2nd, 2009

Selling your home takes a bit more work and planning than just putting the “For Sale” sign in your front yard. If you want to compete in today’s tough buyer’s market, and attract plenty of buyers, then there are a few things you’ll want to take care of beforehand:

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1.       Clean – There is no better way to begin your home selling adventure than with a good cleaning. And there is nothing that puts buyers off more than a dirty home. A deep cleaning may include steam cleaning the carpets, scrubbing down the appliances, inside and out, cleaning the windows, cleaning light fixtures, ceiling fans and other neglected fixtures in and around the home, and scrubbing down the bathrooms, particularly the bathtubs, showers, sinks and toilets.

2.       De-Clutter – Once your home is sparkling clean, you will want to consider tackling the clutter situation. Because, after all, how are your buyers supposed to appreciate your home when there is clutter distracting them? Your de-cluttering project may include cleaning out and reorganizing closets, disposing of unwanted items (now is a great time to donate or sell unwanted items!), cleaning out kitchen cupboards, removing unnecessary knick knacks from countertops, tabletops and shelves, and placing unnecessary household items and furniture in storage.

3.       Define the Rooms – Is your spare bedroom a dumping ground for unused household items? Is your dining room serving as a home office? An important part of preparing your home for sale is making sure that buyers understand what each room in the home is used for. In other words, move your home office out of the dining room and replace it with a dining room table!

4.       Apply a Fresh Coat of Paint – One of the most effective ways to immediately lighten and brighten your home is with a fresh coat of paint. A coat of paint can take a drab, unwelcoming room and turn it into a fresh breath of air. Choose soft, neutral colors to appeal to a wide audience.

5.       Depersonalize – Your personal collections and family photos may hold a special place in your heart, but they serve no purpose when selling your home. A great way to depersonalize your home and make each buyer feel like your home could be their home is to remove personal items from your home.

6.       Fix Up – Before listing your home for sale, take a walk through each room and make a note of items that need to be repaired or replaced.  If buyers see a leaky faucet or a broken light fixture, they will automatically assume that the house in not well maintained.

7.       Upgrade – Although full remodels are questionable, it is probably a good decision to replace old or outdated items around the home, particularly light fixtures, faucets, carpeting and appliances. Luckily, you will almost always see a return on your investment with these simple improvements.

8.       Stage – An excellent way of setting the tone of your Highland Park home is through staging. Staging your home enables you to highlight special features of your home and to show your home in the best light possible.

9.       Prepare for your Showing – There are many ways in which you should prepare for your showing. You may choose to open your windows and blinds to allow natural light to filter into your home; you may also choose to light candles, purchase fresh flowers and rid the home of clutter, valuable items and shoes situated by the front door.

10.   Remove your Pets – Remember: not everyone loves pets, so take Fido or Fluffy with your during a showing!

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How to Choose the Right Agent to Sell your Home

Wednesday, May 13th, 2009

You know the drill: the market is tough, the buyers are few, and the homes for sale are plentiful. So, what’s a seller in today’s market to do?

Well, the first -and arguably the most important – thing to do is obtain a qualified real estate agent. This is not the time to get stuck with a less-than-experienced agent who makes all the wrong moves.

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How to Find an Agent Who Will Get the Job Done

  • Ask friends, family members and neighbors for referrals. Often times, you may find the best real estate agent through a friend or family member who recently bought or sold their home. Remember: a great referral goes a long way!
  • Look around the neighborhood at the homes for sale. Often times, the best way to snag a popular agent in your neighborhood is to simply look at the other homes for sale. It may also be a great way to find an agent with a good knowledge of the area and the homes in the area.
  • Interview at least two or three agents from different companies. Compare each agent’s experience, background, education and continuing education, and see which agent comes out ahead.
  • Ask a potential agent about his or her philosophy on selling homes. The agent’s answer can often indicate whether he or she is a good fit for you.
  • Determine if you have a good rapport with the agent. An agent can have all of the education and experience under the sun, but if you don’t feel comfortable talking with him or her, it is probably not a good decision to dive into a business relationship. Remember: you will need to communicate with this individual over the course of several months, so make sure you have a good rapport with him or her!
  • Determine which marketing strategies the agent will use to sell your Coppell home. More importantly, make sure you are in agreement on the strategies that the agent will use. A red flag may be an agent who does not have an active marketing strategy for selling a home.
  • Ask for references and follow up. Ask others who have bought or sold homes with the agent about their overall experience. Ask them what they liked most about the agent, and what they didn’t like about the agent.

Some Questions you May Want to Ask a Potential Real Estate Agent

  1. How long have you been in business?
  2. Are you involved in continuing education? What certificates and qualifications do you hold?
  3. Are you familiar with the area? How many homes in the area have you sold?
  4. How many Coppell homes have you sold in the past year?
  5. Will I deal directly with you throughout the process, or will I also deal with an assistant/ colleague?
  6. How do you plan on marketing my home?
  7. How many clients do you currently have (too many clients may mean the agent may not have enough time to properly market your home)?

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Negotiate Like A Pro – Tips to Consider

Monday, August 25th, 2008

You’ve finally done it. You’ve found your dream Coppell home and you want to put in an offer. So what’s the best way to negotiate?

Do your homework

The first order of business is to determine who is in the stronger position – the buyer (you) or the seller?

For example, the seller may have the stronger position if the local real estate market is strong and homes in the area are selling quickly. They may also be in the stronger position if they aren’t in a rush to move (i.e., they can wait it out a better offer) or if similar houses in the neighborhood have sold for above or near their asking prices.

You, the buyer, however, may be in the stronger position if the local real estate market is weak, or if comparable homes in the neighborhood are being sold for below their asking price. It is also important to find out how long the home has been sitting on the market. In other words, a house that has been on the market for an extended time will likely have homeowners who are anxious to sell.

Finally, you will always be in a stronger position – especially in a multiple offer scenario – if you are pre-qualified for a mortgage.

Make an Educated Offer

You, along with your real estate agent, will need to find out what comparable homes in the area are selling for, if there are any repairs that need to be addressed and what appliances and fixtures you want to be included with the home. You will also likely ask that the offer is contingent upon the house passing the home inspection.

All of this information will allow you to be better prepared when making your initial offer. After the initial offer has been submitted to the seller, he or she will either counteroffer, accept your offer or decline your offer.

Be prepared to go back and forth numerous times during the negotiation process. Happy negotiating!

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