How to Find the True Value of Your Home

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Summer is upon us and things are moving along nicely. A lot of people have been putting their homes on the market, so we figured it was a good time to talk about how to price your home accurately and find the true value of your home.

The number one thing we look at when it comes to pricing is comparables. What have other homes in the Flathead Valley like yours sold for? We are looking for homes with a similar lot size, square footage, age, and with similar updates.

The other most important thing to look at is what you’re competing against. You want to get into the mind of a buyer and see things from their perspective. Stepping back and asking yourself how your home fits in with the other homes already for sale is a great exercise.

Another thing to consider is contingencies. There are special needs you will have that will show up in the form of contingencies. If you’re not as flexible in your offer or won’t budge on certain contingencies, that will affect the sale price.

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You want to get into the mind of a buyer.

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If you’re still concerned about value, realize that if you price a home more than 3% above its market value, it can sit on the market and the only way to get an offer will be to reduce the price. After you’ve went through comparables and you’re still concerned with price, have an appraisal done. They will be able to give you a fair, unbiased market value. They can really take a look at your home from a neutral standpoint.

The most important thing is to know where you want to be. Know what you need to sell the home for and what you want in your pocket at the end of the day. Make sure the numbers work out.

If you have any questions for us or want more information, give us a call or send us an email anytime. We look forward to hearing from you!