Kristen Meleedy, CBR's Blog
If you intend to list your house in the weeks or months to come, it usually pays to assess real estate market data. In fact, there are many reasons why you should conduct housing market data analysis, and these include:
1. You can learn about the ins and outs of the real estate market.
Let's face it – navigating the home selling process can be difficult, regardless of whether you've sold houses in the past or plan to list a home for the first time. Fortunately, housing market data can help you better understand the real estate sector, increasing the likelihood that you'll make informed decisions at each stage of the home selling journey.
Remember, evaluating the prices of available houses in your area, finding out how long these residences have been listed and reviewing other pertinent housing market data can make a world of difference. If you use this information to understand the current state of the real estate market, you can boost your chances of enjoying a fast, profitable home selling experience.
2. You can determine a competitive price for your house.
What you originally paid for your house is unlikely to match your home's current value. Luckily, you can analyze real estate market data to find out how your house stacks up against the competition and price your residence appropriately.
Look at the prices of local residences that are similar to your own – you'll be glad you did. If you study this pricing data closely, you can narrow the price range for your house. Then, you can establish a competitive initial asking price for your house.
3. You can reduce the risk of encountering home selling pitfalls.
Want to avoid setting an initial home asking price that is too high or too low? Or, do you want to ensure that your house is buyer-ready from the moment that you add it to the real estate market? If you evaluate housing market data, you can obtain the insights that you need to avoid potential problems during the home selling journey.
Lastly, if you need extra help as you prepare to sell your house, you may want to hire a real estate agent. This housing market professional can provide you with a wealth of real estate market data and offer expert home selling recommendations. That way, you can optimize the value of all of the housing market data at your disposal.
Let's not forget about the comprehensive assistance that a real estate agent offers as the home selling journey progresses, either. A real estate agent will help you list your house, promote it to the right groups of buyers and negotiate with a buyer's agent on your behalf. And if you ever have home selling concerns or questions, a real estate agent will gladly respond to them.
Take a data-driven approach to selling your house – perform real estate market data analysis, and you can gain the home selling insights that you need to succeed.
Understanding how much your home is worth is important for a number of reasons. For one, when you go to sell your home, you’ll have an idea of how much equity that you’re working with. You may need to either refinance your home, take out a loan, or line of credit. Knowing the current market value of your home can give you a good idea of your finances and what to expect. Many people believe that their home is worth more than it actually is. In reality, your home is only worth what people will actually pay for the property in a certain time frame.
Some websites offer basic ideas of how much your home is worth. You can also use the Internet to search for comparable properties and see what has been sold, how much it has been sold for, and how much other homes that are similar to yours in the neighborhood are worth. You’ll need to be sure that the comparing properties include the same types of features as your own home in order to get a good estimate.
Consult A Realtor
Experienced realtors in your area are great resources for helping you to determine your property’s value. Many agencies offer free market value analyses, which can help you to see where your home would fall in the current real estate market. Realtors don’t get paid unless your home sells. They can use their many resources to work with you on the sale of your home and help you to price it appropriately.
Hire An Appraiser
If you want to dig a bit deeper in the pricing of your home, you’ll need to shell out a bit of cash. You could hire a certified appraiser who will dig deep into your property to determine the value. Once you find a buyer, another appraisal will happen on the property. The buyer pays for this. If you really want a good idea of how much your home is worth, hiring an appraiser beforehand is key. Keep in mind that appraisers may come up with slightly different estimates for the same home.
Know The Key Things That Affect Home Value
There are a few big factors that influence just how much your property is worth. While you may love your big kitchen, it goes a lot further than that. Factors that contribute to how much your property is worth include:
- The amount of land that you have
- The neighborhood your home is in
- The schools your home is near
- How many square feet your property is
- The condition of your home
- Any updates that have been made to the home
- The types of appliances you have
- Has the home ever been foreclosed on?
- Is your home energy efficient?
Based on all of this information, you’ll be able to get a good idea of what your home is worth. Beware of things that can cause a major financial setback on your home’s value like an urgent need for roof replacement, dated windows, or an unknown crack in the foundation. Getting an idea of what your home is worth is a great way to keep on top of your own assets whether you’re prepared to sell or just curious about numbers.
If you are in hot pursuit of your dream home, it is important to do everything you can to gain a leg up on the competition. That way, you can acquire your ideal residence as quickly as possible.
Now, let's take a look at three tips to help you gain a competitive advantage over your homebuying rivals.
1. Keep Track of the Local Housing Market
The top houses sell immediately, and as such, you may need to act fast to find and purchase your dream residence. If you keep track of the local housing market, however, you will be better equipped than other buyers to instantly acquire a house that suits you perfectly.
Monitor the housing market in cities and towns where you want to reside. Then, if you find a house you may want to buy, don't hesitate to set up a showing. And if you like what you see, you should submit a competitive offer to purchase this residence.
2. Get Your Finances in Order
Entering the housing market with pre-approval for a mortgage usually is a good idea. Because if you know how much you can spend on a residence, you can tailor your house search accordingly.
To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. Find out what mortgage options are available, and learn how different types of home financing work. Next, you can select a mortgage that enables you to begin your house search with a budget in hand.
Of course, if you have any concerns or questions about home financing, you should address them right away. If you speak with mortgage specialists at a bank or credit union, you can get the insights you need to make an informed mortgage selection.
3. Employ a Real Estate Agent
A real estate agent is a difference-maker, particularly for a homebuyer who is shopping for a residence in a fierce housing market. Typically, a real estate agent will work with a buyer to craft an in-depth property buying strategy. A real estate agent and homebuyer then will work together to put this plan into action and streamline the property buying journey.
In addition, a real estate agent offers guidance at each stage of the homebuying cycle. He or she first will help you hone your home search to a select group of cities and towns. A real estate agent next will keep you informed about houses that become available that match your homebuying criteria. If you find a house you want to purchase, a real estate agent will help you submit an aggressive property buying proposal. And if your offer to buy a home is accepted, a real estate agent will make it simple for you to finalize your house purchase.
As you get ready to pursue your dream residence, you should devote plenty of time and resources to prepare. Thanks to the aforementioned tips, you can prep for the homebuying journey, gain a competitive advantage over rival buyers and accelerate your house search.
Selling a house should be a fast, simple process. Unfortunately, potential pitfalls may arise that make it tough to achieve the best-possible home selling results.
Lucky for you, we're here to help you prepare for the home selling journey.
Now, let's look at three steps that every home seller should take before listing a house.
1. Evaluate the Real Estate Market
The housing market fluctuates week to week. Thus, a real estate market that favors sellers one week may favor buyers the following week, or vice-versa.
A home seller should examine real estate market data closely. By doing so, this seller can analyze housing market patterns and trends and plan accordingly.
Take a look at the prices of recently sold houses in your city or town. This housing market information will allow you to see how long homes were listed before they sold and help you set realistic expectations for the home selling journey.
Also, examine the prices of local residences that are comparable to your own. With this housing market data, you may be better equipped than ever before to establish a competitive price for your house.
2. Conduct a Home Inspection and Appraisal
Don't wait to conduct a home inspection and appraisal. If you perform these assessments before you list your house, you can gain valuable home insights that you might struggle to obtain elsewhere.
During a home inspection, a property expert will assess your house both inside and out. Then, this property expert will provide an inspection report that you can use to prioritize assorted home repairs and upgrades.
Meanwhile, a home appraisal can help you determine the present value of your house. The appraisal will be conducted by a property expert who will examine your house, as well as review myriad data about homes in your neighborhood and the local real estate market. Next, this property expert will provide a property valuation that can help you determine how to price your residence.
3. Hire a Real Estate Agent
A real estate agent understands the challenges commonly associated with selling a house. Fortunately, this housing market professional also knows how to identify and address these challenges early in the home selling process, increasing the likelihood of a quick, profitable home sale.
Typically, a real estate agent will meet with you and learn about your home selling goals. He or she then will help you put together a strategy to sell your home quickly and maximize your earnings.
When it comes to promoting a residence to potential buyers, a real estate agent knows exactly what to do too. He or she will help you craft an engaging and informative home listing that hits the mark with the right buyers. Plus, a real estate agent will host open house events and home showings to provide buyers with plenty of opportunities to view your house.
Want to list your house? Follow the aforementioned steps, and you can boost your chances of a terrific home selling experience.
A home appraisal often helps a property seller determine how to price his or her residence. As such, an appraisal is important. And with a great appraisal, a seller may boost the likelihood of earning top dollar for his or her house.
Ultimately, there are many reasons to trust the final results of a house appraisal, and these reasons include:
1. A home appraisal is conducted by a property expert.
An expert home appraiser will allocate significant time and resources to complete his or her report. This professional also will perform a home analysis as part of his or her assessment. That way, a home appraiser can provide an accurate property valuation.
As you consider home appraisers, you may want to search for professionals with comprehensive experience. By doing so, you can find a home appraiser who knows the ins and outs of evaluating properties.
2. A home appraisal is based on your home's condition and real estate market data.
Although many home sellers believe an appraisal's property valuation is based solely on the age and condition of a house, other factors come into play. In fact, a home appraiser generally evaluates the current state of the housing market, the prices of comparable houses that recently sold and other real estate market data to determine the optimal property valuation.
Of course, it typically is a good idea to perform myriad property upgrades before an appraisal is completed. This may help you improve your chances of receiving the best-possible property valuation.
3. A home appraisal provides home selling insights you may struggle to obtain elsewhere.
A home seller won't have to wait too long to receive an appraisal report, as a home appraiser usually can provide this report over the course of a few days. Meanwhile, the report includes a property valuation and other home insights that a seller may be unable to obtain elsewhere. And as a result, the report may prove to be exceedingly valuable, particularly for a seller who wants to maximize the value of his or her house.
When it comes to conducting a home appraisal, you may want to consult with a real estate agent. This housing market professional can explain how a home appraisal works and answer any concerns or questions that you may have. Plus, a real estate agent may be able to put you in touch with the top-rated home appraisers in your city or town.
Let's not forget about the assistance that a real estate agent can provide throughout the house selling journey, either. A real estate agent will help you list your home and promote it to prospective buyers. And if you receive an offer to purchase your residence, a real estate agent can offer a recommendation about how to proceed with this homebuying proposal.
Ready to add your residence to the real estate market? Perform a house appraisal, and you can move one step closer to establishing a competitive initial asking price for your home.