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What Is My House Worth?

“What is my house worth?” is one of the most difficult questions to answer when attempting to sell your house. Unfortunately it is also one of the most important. There are many factors that go into determining the price of a home in Colorado Springs, and this article will break down a lot of the mystery behind how to come up with a number that’s right for you. Of course everyone would like to get the most money possible for their house, but this article will help you strike the right balance between selling your house for the price you want while still selling in the time period you want.

One of the most common ways people gather information to answer the question, “What’s my home worth?” is to use the public real estate sites such as Zillow.com, realtor.com, trulia.com, etc. These sites are a great way to get a quick rough estimate of your home’s value based on 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 the y need to sell. I also want to emphasize the last factor that the price 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 the total sale price of comparable properties. As you may know, very often the total sale price of a house is not the amount that a seller receives from the buyer. Things such as cash at closing, paying for buyers closing costs, included appliances, and other concessions may result in a sale price being much higher than what the seller 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 it’s actually worth. Overall though these websites are a great resource to get a quick answer to the question of “What’s my house worth?”

Realtors Know Best

     Another common way people 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, but again there are many factors involved that could result in an inaccurate appraisal.

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.

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.

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 is a rare Realtor that would do something like this, but I wanted to make sure you were aware of the possibility.

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 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 the property 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. Conversely 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. Bottom line is 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.

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, I would love to hear from you to help you answer the question, “What is My House Worth?”

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