Determining The True Value of Your Home

One of the most challenging parts of the home selling process is determining the best price to ask for your house and property. There are many factors that go in to pricing a home, and getting this wrong can mean the difference between getting your equity out and leaving tens of thousands of dollars behind. Let’s take a look at a few quick tips that any Maryland homeowner can use to establish the true value of their home.

Establishing the True Value of Your Home

Begin by Researching the Local Market

An easy way to get a quick ‘ballpark’ figure for your home’s value is to compare it with similar homes in your neighborhood or community. For example, if you live in Bethesda and have a three-bedroom detached house with two bathrooms, a large garage and full yard, you can see what other properties with the same characteristics are selling for. Note that the prices you see in our listings pages are ‘asking’ prices and are subject to change before they’re sold. Regardless, browsing the listings is a good starting point.

Don’t Count on Renovations to Boost Value

A common mistake that homeowners make is to believe that any type of upgrade or renovation done to the home adds some monetary value to it. While this is certainly true for high-impact upgrades that are going to make the home more enticing to buyers, there are many renovations that add nothing at all and can actually detract from the home’s value if the buyer feels the need to ‘undo’ the renovation later. If you’re considering a few upgrades prior to selling, focus on items like granite countertops and new appliances for the kitchen and new fixtures for the bathrooms.

Avoid Overvaluing Your Home

It’s important to note that whatever you feel the value of your home is – if prospective buyers don’t feel the same way, you won’t have much luck closing your sale. Emotions and other factors tend to cause homeowners to feel their home is worth more than today’s real estate market will tolerate, leading to the home being on the market for longer. Also remember that you’re competing with new construction all over Maryland, and if your home is getting a little worse for wear you may have to resort to discounts in order to entice buyers away from those brand new homes. Aim for a price that’s fair and reflects the true value of living in your particular house, in your particular community.

Get a Professional Home Evaluation Today

While you can get a rough idea about your home’s value using the tips above, if you want to know exactly what your home is worth you’re going to need to call in a professional valuation team. The Speicher Group & RE/MAX Realty Centre team has more than a century of combined experience selling homes here in Maryland, and we’re happy to provide you with a free home evaluation and to advise you on your sale. Contact us today at 301-710-9920 or via our quick email form and we’ll get things started.

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