The real estate market is an ever-changing thing. One day, prices are up, and the very next day, everything has reversed on you. Over the last few years especially, with turbulent markets and economic confusion, the real estate market has become increasingly dynamic. 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 the right tools. Online estimators are a great way to get a very rough estimate of where your home’s value is likely to sit. These are best accessed directly through your preferred real estate agent’s website. While they aren’t perfect, these tools can give you a general idea of your home’s value.
2. Use more recent comps. In the past, it was common to use comparative home sales from the prior six months. Now, more than ever, it’s important to use comps that are as recent as possible. In 2022, we saw mortgage interest rates double in six months, and home sales prices responded accordingly, which means that six-month-old comps just didn’t cut it. A trained, experienced, and skilled real estate agent like me will know what comps to draw from when determining the right price for your home.
3. Work with the right team. No matter how well you do your homework, nothing beats working with a professional. We have the experience and training to know how to price your home right the first time. We know what amenities and upgrades can net you the best dollar-for-dollar return and how to beat out the competition with the right marketing plan.
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.