How To Accurately Determine The Market Value Of A Home

Determine The Market Value Of A Home

How to correctly determine the market value of a house for sale?

That’s a question of the questions! No matter how you think, there will still be doubts. And what if they are cheap? Then you will eat yourself from the thought that you sold cheaply! Or, on the contrary, unreasonably overcharge the price, and nothing will be sold at such a price? And oh, how I do not want to reduce … In general, a problem of problems!

First, let’s try to find answers to the first two questions:

How to correctly determine the cost of a house, moreover, of an old house, so as not to be cheap and at the same time not to get stuck in the real estate market due to the overpriced?

What are the advantages and disadvantages of old buildings and how do they affect pricing?

Let’s talk about this, as well as try to find the answer to the question:

“How to sell real estate at a bargain price, and even in a short time?”

The sale process begins with onlinehouse valuation. When assessing the value of a house, everything is taken into account:

  • location,
  • distance to the center,
  • the nearest railway (for a rural version),
  • what is it made of?
  • have communications been carried out,
  • the size and layout of the house,
  • convenience of the entrance,
  • the proximity of a reservoir or forest (again for rural areas).
  • And much, much more, it is impossible to list everything.

What factors influence pricing?

I don’t really want to talk, let alone write about the disadvantages that reduce the value of the house. Therefore, consider the pros of old real estate. But the opposite is a minus.

A big plus would be:

Location of the house in a well-settled area, preferably environmentally friendly, without large industrial enterprises.

Availability within a 10-minute reach of a shop, pharmacy, kindergarten and school.

All this will give your property an undeniable advantage over competitors.

Take into account the condition of the roads, whether it is comfortable to ride on them from autumn to spring. If you have asphalt everywhere in your area, then this is a huge plus and you should draw the attention of your buyers to this.

Good transport links with the city center and the nearest railway station (this is more important for urban settlements and rural areas) will also add, rather than take away, the attractiveness of your home.

But all this is still only pluses, which support the value of real estate and they do not form the price.

Price is the cost of a plot with a house and all other buildings on this plot, including a fence with a gate and a wicket.

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It is rather difficult to correctly assess the house on your own. It is sometimes impossible for a beginner to take into account all the factors affecting the price due to inexperience. And the market is unstable. Today so, and tomorrow that way. Therefore, it is better to contact a specialist and, from his assessment, assign the correct or adequate price for the house.

What does it mean?

The right price is the price that suits both you and the buyer.

Adequate price is the price for which a house can actually be sold without red tape.

To determine the right price, it is important to turn off emotions in time and calculate everything soberly.

However, everyone has different goals. Someone needs to sell faster, and someone more expensive. Sometimes, from the desire to get the most, you can hang on the real estate market for a long time, and sell for two years, or even more, sliding down the price slide. If your goal is to sell as expensive as possible, and the terms are not so significant, then, as they say, it is the master’s business. You can bargain for three years.

But this is only permissible if you live in the property for sale. In this case, the house is under constant supervision, safe and sound. But if it is empty, then here you can lose not only money, but also your property. Throwing away funds for heating an empty room is not wise. It’s like burning money in a stove. After all, you have to sell, not run a marathon with prices, almost halving them. This is where an adequate price comes in handy.

How to find the right price for your home?

If you decide to figure this out on your own, then in order to roughly navigate the prices, you can use two methods.

The first is to monitor advertisements for the sale of real estate in your city, town, etc. This will help to master the situation in the real estate market.

As a rule, in the ads, sellers indicate the approximate characteristics of their private property – dimensions, material, year of construction, equipment with communications, etc., etc. And, of course, the price!  This will tell you how much similar houses cost approximately.

The second is to consult with an experienced realtor – a   professional in the sale of real estate and land. To find such a specialist, again, can be done through advertisements in the press.

The agent will help you determine the amount based on your specific conditions.

Actually, it is advisable to do both the first and the second, and then display the arithmetic average of the value of similar real estate.

The price of the plot is also determined through arithmetic calculations. The total area of ​​the plot is multiplied by the average cost of one hundred square meters of land in this region, city, or village. Each settlement has its own specific amount. This will not be an exact price, but an approximate one, but to determine the approximate cost of a land plot, it will do quite well.

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What is the price of a plot with a house?

Prices may vary depending on the region, and they are relevant only at the moment. It’s hard to say what will happen in a year, the real estate market is extremely unstable, especially in Manchester.

When evaluating a house, not only the quality of the material from which the structure is made is taken into account, but also the safety of the property. Although the house is old, but at the same time well preserved, its price will be decent. And if it is also modernized – gas, water supply, sewerageare supplied, repairs are made, and then its price will be close to the cost of a new house.

Then you add or subtract the advantages mentioned above, and start advertising your property. And then you act depending on the reaction of buyers. If you need to sell faster, set the price slightly below the market price, and if you want to get the maximum profit, then set the price closer to the upper price bar.

How to bargain correctly?

Once you decide on a price range, you need to decide from what high and to what low you can afford to go down in the process of trading with a buyer. You also need to be able to bargain. And preparation is indispensable here. If you will easily reduce the price, it will raise suspicion, but is everything so great with this property, as the seller describes it? Is there a catch here? And instead of a deal, you may get the opposite result. If you reduce the price, then give reasons why, and then there will be no questions.

 

And one more nuance. After the first month of sales, a decline usually occurs and the number of potential buyers decreases, this is a normal, natural phenomenon. You should not panic and go to extremes. Now, if after two years of sales the picture does not change, then you need to think about whether your price is right? Maybe we should count it all over again? This is the arithmetic.

I hope you find this article helpful. Good luck, Dear Reader!

 

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