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How Much Can I Sell My Home For?

Hey there, homeowners! If you’re considering selling your house and wondering how much you can get for it, you’re in luck. Determining the selling price of your home can be a crucial step in the selling process, and we are here to help you navigate through it. Let’s dive in and explore some factors that can influence the value of your house!

  • Location, location, location: One of the most significant factors that affect the selling price is the location of your house. Properties in desirable neighborhoods or areas with excellent amenities tend to fetch higher prices. Take a look at recent sales in your area to get an idea of the market value. You’ll want to compare your house to the recent sales in your neighborhood. Look for houses built around the same year and have similar sized lots, bedrooms, and bathrooms. 
  • House size and condition: The size and overall condition of your house play a vital role in determining its value. Larger homes generally have higher selling prices, but the condition is equally important. Buyers are willing to pay more for a well-maintained house that is move-in ready. You’ll also want to know how old your roof, HVAC, and water heater are. Roofs typically have a lifespan of 15-30 years depending on the type of shingles used. HVAC units can last 10-20 years if properly maintained. And water heaters typically last around 10 years. The newer those items are, the more valuable your house will be.
  • Unique features and upgrades: Does your house have any standout features or recent upgrades? These can significantly impact the selling price. Whether it’s a modern kitchen, renovated bathrooms, or energy-efficient upgrades, these additions can make your property more attractive to potential buyers.
  • Comparable sales: To get a better idea of your home’s value, look at comparable sales in your area. Real estate agents or online platforms such as Zillow or Redfin can provide you with information on similar houses that have recently sold nearby. These sales prices can serve as a benchmark for pricing your own home. When looking at comparable sales, you will want to look at houses with a similar square footage as yours. Calculating a price per square foot of recent sales is an easy way to get a value for your house.
How Much Can I Sell My Home For?
  • Market conditions: The state of the real estate market can also affect your selling price. In a seller’s market, where demand outweighs supply, you may have more negotiating power and potentially fetch a higher price. On the other hand, in a buyer’s market, you may need to be more flexible with your pricing strategy. With interest rates continuing to increase, it is making affordability more of a challenge for home buyers.
  • Professional valuation: If you want a precise estimate of your home’s value, consider hiring a professional appraiser or consulting a real estate agent. These experts have in-depth knowledge of the local market and can provide you with an accurate valuation based on their expertise. Real estate agents can do a BPO, or Broker Price Opinion, which are significantly less expensive than a full appraisal.
  • What expenses do you have when selling your house? There are a number of expenses to consider when selling your house and determine how much money you will net. You’ll typically have to hire a realtor or real estate agent. They usually charge around 6% of the sale. Then there are repairs needed to get your house to a marketable condition, this can be up to 4% of the sale depending on the condition of your house and if there is any deferred maintenance. Buyers may also ask you to contribute a portion of the sale to closing costs to reduce their down payment. This can be 3% of the sale. As part of the selling process, buyers have the right inspect the property and request additional repairs. There is another round of negations that happen at this point. The repairs can be up to an additional 2% of the sales cost. At closing, you could potential pay up to 15% of the total sales price in commissions, closing costs, and repairs. This is something to consider when determining how much you can sell your house for.

Remember, determining the selling price of your house involves a combination of research, market analysis, and professional guidance. By considering factors like location, size, condition, features, market conditions, and seeking expert advice, you’ll be well-equipped to set a price that reflects the true value of your home. Happy selling!

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