Tip Tuesday: Home Selling Tips

Have your property evaluated. As much as you’d like to set the price of your home as high as possible, you have to be realistic. Many for-sale-by-owner listings fail to sell because owners persist in thinking their home is worth more than the market will offer, or because they have already settled on a set amount of money that they want and refuse to budge. Having a professional, third-party assessment of your home’s worth will help you get comfortable with a price range, in addition to providing you with a solid reference point if a buyer or Realtor accuses you of setting the price too high.

Don’t just rely on the property tax assessment. Many property tax assessments are out of date, and they don’t necessarily reflect the current real estate market.

Look at comparables. Comparables are what other similar homes in your area are selling for, or better yet how much they have sold for in the last month. Use this method to determine what price range your home will fall in. Always use comparables when arriving at a realistic assessment of your home’s value. In a slower market or in a rural area, you may even want to look back about six months to a year to see how other homes sold around that time compared with your home.

Hire an appraiser. A certified residential appraiser will come to your house, measure the property, take notes and photos, research information about any land parcels, and assemble a list of comparable sales in your neighborhood to determine the value of your home. Many banks keep a list of reputable appraisers they contact for refinancing or mortgage loans; ask your local branch manager to refer you to an honest, qualified professional. Once you receive your copy of the appraisal, make a second copy and store it in a secure location. Keep the first copy on-hand to go over with serious buyers. Keep in mind that a visit from an appraiser may cost you around $500, while a visit from a Realtor may be free or only around $50 and they may arrive at a similar amount.