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How Much is My House Worth

How much should I sell my house for?

Determining how much is my house worth is one of the most difficult questions to answer when trying to sell your house.  Does it still cost the same as how much you bought it for in the past?  Is it more expensive?  Or should you sell it at a lesser price?

While difficult to answer, this question is something that you should have an answer to right away. After all, you can’t go about selling your house if you don’t know how much it is worth.

Of course everyone would like to get the most money possible for their house, but the highest price isn’t always the best price.  There are many factors that go into determining the price of a home in Colorado Springs, and this article will help you strike the right balance between selling your house for the price you want, while still being reasonable enough for buyers.  This will give you the best opportunity to actually sell your house within the time period that you want.

What’s the best way to find out the price of your house?

 

How Much is My House Worth

Two great ways to know how much your house is worth is to get estimates online or through the help of a realtor.

Getting Estimates Online

One of the most common ways people gather information to answer the question, “How much is my house worth?” is to use the public real estate sites. Some examples of these are zillow.comrealtor.comtrulia.com, etc. These sites are a great way to get a quick rough estimate of your home’s value based on factors such as: location, square footage, bedrooms, bathrooms, and the website’s knowledge of comparable sales in the area. The price they quote for your house is based on it being in good condition, being sold through a realtor, and the seller not having a short timeline in which they need to sell.

I also want to emphasize the last factor that the price on these public websites is based on the websites knowledge of comparable sales. This is an important factor because the prices used for home values on these sites are simply based on the average sale price of comparable properties, and doesn’t factor in any of the many other things that can impact the price of a home.

As you may know, the total sale price of a house is not the amount that you as a seller would receive from the buyer.  Other things such as cash as closing, paying for buyers closing costs, appliances and furniture that may be included in the house, realtors commissions, taxes, and other concessions may result in a sale price being much higher than what the seller actually receives. Since none of these factors are included in the price quotes on public websites, this could cause their quote for your property to be higher than how much it’s actually worth. Overall though, these websites are a great resource to get a quick, albeit rough estimate, of how much you should sell your house for.

Realtors Know Best

Another common way for people to come up with a value for their Colorado Springs property is by hiring a realtor. This is usually a much better way to get an accurate price, because realtors do know the market best, and they have access to the Multiple Listing Service (MLS).

While hiring a realtor is a good idea, there are still risks that you may not get an accurate appraisal. Some factors that can affect the appraisal include:

  • Risk #1: Your Property May Not Be Similar to Any Other. The first factor that can throw off an estimate is that the value of your house is based on other properties that may or may not be similar to yours. This is less of a factor in neighborhoods where there are many other similar properties, but for more unique or rural homes, this makes it much more difficult to find a home just like yours that sold in the last six months.
  • Risk #2: The Condition Of Your Home May Be Entirely Different. The second factor that could affect the value is the condition of the home. If a recently sold house down the street is identical to yours in size, beds, and baths, but just had a $30,000 kitchen installed, that could drastically impact the value.
  • Risk #3: The Desire To Get The Listing To Sell Your Property. The third factor that could potentially skew a realtor’s quote is their desire to get the listing to sell your property. The vast majority of realtors would not do this, but you may come across a realtor that says they can sell your house for more than it is actually worth, with the idea that it will motivate you to sign when them. Then when your house doesn’t sell, their hope is to convince you to lower the list price to its real value. This causes you two problems as now you have a Realtor you can’t trust, and you missed the narrow window of opportunity when your house is first listed to capitalize on the initial excitement. Again it rare that a realtor would do something like this, but it’s a possibility.

Why get a realtor?   So, even with potential inaccuracy, why does it still make sense to get a realtor? The main advantage realtors bring to the table besides their experience is their access to the Colorado Springs Multiple Listing Service (MLS). The MLS is a centralized service where all the homes for sale in the country that are listed through a realtor are posted. This resource, combined with an experienced realtors local knowledge of an area, is the ultimate way to get the most accurate value for your property.

How You Influence the Price of Your House

So now that you’ve determined as close as possible what the true market value is for your property, you have to decide on the personal factors that could change that price higher or lower based on your needs and desires. The values you obtain from the above methods will all provide a price based on listing a property in very good shape, with a realtor, and taking several months to list and show the property.

If you have an unlimited amount of time to sell your property, you could potentially receive more money by waiting for someone to come along who really wants your house. On the other hand, if you need to sell your home very quickly, you will most likely have to accept a much lower price as you don’t have the time to wait for a high offer.

The bottom like is this: the better the condition of your house and the more flexible you are on when you need to sell, the higher the price you could potentially receive.

How Much is My House Worth

I’m Here to Help You Sell Your House

I could go on for pages listing the numerous factors that could impact the price of your Colorado Springs, Fountain, Pueblo, or Woodland Park house.  My hope is that this article cleared up some of the mystery behind where these prices come from and how you can help increase the amount you receive for your house.

I know this was a lot to comprehend, so please feel free to give me a call at 717-388-4246, or submit your question at SellMyHouseToSmith.com. Even if you’re not looking to sell your house right now, you might just want to find out how much your house is worth. Go ahead and give me a call, I’d love answer that question.

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