What Is The Best Way To Find The Value Of Your Home Before Selling?

juliegrandon
Oct 14, 2021
4 min read

Updated: Apr 17, 2024

When it comes to buying or selling a house, there are many factors that affect the price of your property down to the last square foot. In fact, the average cost per square foot in the United States is currently sitting at around $107. This number varies from state to state and even within cities. Asking yourself what the current market rate is for your type of property can help determine whether or not you should list now or wait until later. You might find out that the asking price is too high compared to other properties nearby. Or maybe you want to know what kind of offers you could expect so you can prepare accordingly.

But of course, we want to help you- so here are seven ways to find out the value of your home before selling.

1. Assessing the current condition

The first thing that you need to do is to assess the current condition of your home. Look at the exterior of your home and see if anything needs fixing. Look inside and check if the rooms are clean and tidy. If you have any issues with the plumbing, electrical system or heating, then you should fix those problems before putting your home on the market.

2. Doing the math

Once you know what conditions your home has, you can start thinking about how much money you will be able to gain from listing it. Start by looking up local real estate agents in your area. They will give you an idea of how many homes like yours sold for last year. Then look online and search for similar properties. This way you can compare prices and decide whether you think you could make more money by selling now rather than waiting until later.

3. Getting a realtor

If you don’t feel confident enough to go through all this alone, then you should consider getting help from a professional agent. Real estate agents can provide valuable advice when it comes to finding buyers for your home. But they also offer other services such as helping you prepare your home so that it sells faster. So even though they may not actually list your home themselves, their expertise means that you won’t have to worry about doing everything yourself.

4. Getting down to the appropriate number

Now that you know roughly how much houses like yours sold for last month, you can use these numbers to figure out how much you should ask for your own home. Use our calculator above to work out how much you can realistically hope to earn by selling your home right away. Remember that this isn’t just based on past values but future ones as well. These figures take into account things like interest rates, inflation and population growth.

5. Calculating closing costs

You shouldn’t forget about closing costs either. When you buy a new car, you pay for registration fees, insurance premiums and possibly finance charges. Similarly, when you sell your home, you will incur additional expenses including legal fees, moving costs and advertising. All of these add up quickly and can easily eat into your profits. Luckily, we already calculated exactly how much each one adds up to below: Legal Fees - 0% Moving Cost - 3% Advertising - 5%

6. Consider Other Factors

Finally, once you've worked out how much you can reasonably expect to receive for your home, you should try to weigh up the pros and cons of selling it sooner versus later. Is it better to move fast and potentially miss out on potential buyers who aren't interested yet? Or does it make sense to sit tight and let people come calling instead? Only you can answer this question, but hopefully, this guide gives you some food for thought!

7. Don't Forget To Prepare Your Home For Sale

One final tip is to ensure that your house is ready for sale. You want to get rid of clutter and keep your home neat and tidy. Make sure that there's nothing broken or damaged around the place. And finally, remember to treat your home nicely while it's being shown off to prospective buyers. It'll show them that you care and mean business.

The Last Few Things You Need To Check

Get A Price Estimate From An Agent

This step might seem obvious, but if you haven't done it before, you need to do it first thing. If you find someone willing to give you a free quote, great! However, if you don't manage to get anyone to agree with your asking price, at least you'll have an idea of how far off track you are.

Have The Right Pictures Taken Of Your House

Having good quality pictures taken of your home is essential. Even if you only plan on using them for social media, having high-quality images makes it easier for others to see every detail of your property. Plus, if you ever end up putting your home back onto the market again, you'll definitely stand a chance of making more profit.

Do Some Research On Local Property Markets

It doesn't matter which city you live in, chances are there are plenty of homes available within your budget. In fact, most cities tend to have multiple areas where you can affordably purchase a home. That said, you still need to research different neighbourhoods and locations carefully. Find out which types of properties are popular among buyers and which ones are less desirable. Once you understand why certain places are popular, it becomes easier to identify those that are likely to attract attention.