How to Determine the Value of your Real Estate Property

Vanessa Arellano Doctor asked:

When you decide to enter the market by selling your real estate property, there are still a number of things that you need to consider in order to get the best possible outcome from your whole real estate experience, and to avoid any costly mistakes on your part. You wouldn’t want to give your real estate property an inflated value wherein it would deter people from actually purchasing your home, and you only end up dropping your price to less than what it should sell for. This is why it is very important to learn how to determine the value of your real estate property.

The first thing that you must do with any real estate transaction is to accurately determine the value of your real estate property since it is important for your property to appraise for its full sale price. It may take a while before you can obtain an appraisal for your real estate property, so that means that neither you nor your buyer may know the appraised value until then. You may need to hire a licensed appraiser for this. They are usually members of the local Board of Realtors, and their cost may vary depending on the location and value of your real estate property.

You may want to hold paying for an appraisal before you are able to sign a contract because you may only end up paying for two or more appraisals if you hire someone whom your buyer (or seller) do not approve of. Once you and your partner have determined who you both would like to do the appraising, then you can start to pay for the appraisal. It is also important that it is a government-approved appraisal, otherwise, it will only be useless.

Although you may want to price your real estate property yourself, it is not advisable since you may determine your price based on how much you need. Keep in mind that how much you need is not supposed to determine the value of your home, but rather, it is the market data that will determine the value of your home. So make sure that you price your home only according to how much it is really valued in the market, and not base your determination on your own personal preference.

In order to get a professional estimate of value for your home to help you price your real estate property, you should try to obtain, or get your agent to acquire a competitive market analysis, or CMA. These agents, especially those experienced once, can provide you with an accurate price by accessing the multiple listing service computers, which gives them the necessary data that you may need to price your property properly.

Also try to avoid pricing your property high in order to get a much reasonable offer since this may only backfire on you, and this technique rarely works. Just make sure that you set a reasonable price, one that you believe is equivalent to the worth of your property, and stick with it.

Getting the right value for your property helps you price your property in a way that helps you achieve your overall objective.

Vanessa Arellano Doctor


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