If a home sale is in your near future – or even near-ish future — then you probably want to see how much your house is worth. It’s important to know, because you don’t want to list it too high (and risk having it sit on the market for too long) or too low (therefore not maximizing your own ROI).
Plus, knowing what your home is worth will give you a better sense of what you can afford to buy, too.
There’s always uncertainty when estimating home values. Markets and buyers can be fickle – and timing matters. But if you know what to do and look for, you can easily figure out that magic number.
Here are five factors that can help you see how much your house is worth:
1. The neighborhood
Check out similar homes in your neighborhood. Particularly note any that have sold recently, and whether they have similar specs to your abode.
Get familiar with the way your neighborhood is viewed by others. Are people excited about a new subway line opening up? Do the schools have great ratings online? Is there a running trail or park nearby? Is it considered “walkable”? These factors can drive big price differences in homes that are just a few miles from each other.
2. The square footage – and the layout
Some buyers will be sticklers for getting a good price-per-square-foot, while others will be so charmed by a huge kitchen that they won’t mind the small bedrooms.
Get a sense of how your home stacks up against homes of similar sizes. Remember that spaces like unfinished attics and garages don’t count as “livable space.”
3. The number of bedrooms and bathrooms
This is a big factor for most buyers, and one they’ll use to filter their search. Be aware of what counts, legally, as a “bedroom” in your market. Adding a built-in closet to the bonus room or a bigger window to a basement office can up your bedroom count.
4. Condition and upgrades
When considering “comps” — or how your house compares to similar houses nearby — make sure you’re taking into account the age and condition of your appliances, finishes, roof, and anything a buyer’s eye might fall on.
For instance, if your neighbors just sold their house but they have a newly remodeled kitchen, that’ll factor into its sales price.
Prospects will notice the availability – or lack thereof – from the first time they try to visit the home. Parking usually gives a big bump to the value of your home, so ask your real estate agent what a parking space is worth.
Using Homesnap can help you see how much your house is worth, too. You can just snap a photo of houses in your neighborhood to see their most recent sales price.
And remember, a local real estate agent will know the landscape like the back of their hand. They can use Homesnap Pro to quickly assess nearby homes and send you a CMA — or comparative market analysis. Then, they can lay out the steps you could take to get the most bang for your buck in repairs and upgrades.
Feeling confident after seeing how much your house is worth and ready to take the next step? Take a look at this checklist of important steps for selling your home!