February 21, 2024
What Must Sellers Reveal in Disclosures?
How do you know how much your home is worth in this market? The real estate market is an ever-changing thing. One day, prices are up, and interest rates are low, and it seems like the very next day, everything has reversed on you. In this era of constant fluctuation, how will you know how much your home is worth? There are three things that you need to know.
1. Use online estimates. They can provide a rough estimate but may not be reliable due to their lack of knowledge about local market trends, including neighborhood and school trends. Therefore, third-party vendor estimates may not be the best route. However, they can give you a starting point.
"The real estate market is an ever-changing thing."
2. Have the most recent sold comps in your area. To get an accurate estimate, it's essential to find the right comparable sales (comps). Given the rapidly changing market, it's crucial to consider recent sales, ideally within the past month or two. In some cases, you may need to go further back to assess the fair market value, especially for unique properties. Getting the right comps is critical because pricing your home correctly from the beginning is crucial.
3. Work with an experienced real estate professional. Lastly, it's advisable to hire a professional, such as a trained real estate broker, who has the expertise to accurately price your home. Pricing it incorrectly at the start can turn potential buyers away and lead to unnecessary time and financial loss.
If you have any questions about this topic or real estate in general, don’t hesitate to call or email me. I would be delighted to serve as your resource for all of your real estate needs.
