Determining your home’s value is one of the most crucial steps in the house-selling process. And it’s of utmost importance to do it right and not overprice/underprice it. Otherwise, you risk losing tons of money or even potential buyers.
To help you determine what your house is really worth, we’ve decided to share with you some of our internal process and firsthand tips for home valuation. So, here’s how we look at properties from both an appraiser’s and the market’s point of view.
Your House Location
Location plays a key role in determining your home’s value. What is the neighborhood like? Are you on the “right” or “wrong” side of the street? What school district is your house in? All these factors need to be considered when doing a home valuation.
Unfortunately, when selling your house, your location is already fixed and there isn’t too much you can do. One thing you can do when buying your home in the first place is to understand the potential developments going on around your home. These can either help or hurt your home’s valuation in the future. By the time you are read to sell though, this is going to be something that you really cannot control and will be a major factor in determining the value of your home.
Lot Size and Square Footage of the Home
Another important step when doing a home valuation is getting the total square footage, both finished and unfinished, above grade and below grade. Some factors that impact the price per square foot are lot size, home improvements, flooring or bathroom updates, nuisances, heavy traffic, etc. All these things can either positively or negatively impact the value of your home.
Here is a list of things that we consider when making price adjustments to a home:
|# of Garage Spaces|
|Lot size Acres (Per Acre)|
|Pool? Park? Amenities|
|Backing to Water or Direct View of Mountains?|
|Main Floor Master|
|Age of Home|
|Updates to Flooring, Bedrooms and Bathrooms|
|Updates to Kitchen|
While these are not everything that determines the $/Ft and Valuation of the home, they are some of the bigger items to consider.
Seasonality of the Market/Current Supply and Demand
The value of your home depends greatly on the current supply and demand in the market. While it’s true that there are home buyers all year round, some months are simply better for selling a house than others. Knowing this when prepping your home for sale is crucial. You should really understand your specific markets seasonality and adjust your timeline from there.
Pricing your home accurately can make all the difference in today’s real estate market. If you need any help, Soukup Real Estate Team is here for you. We can not only help you value your home the right way but also market your home from that valuation in order to get your listing in front of as many buyers as possible. Feel free to get in touch with us for all your real estate needs in Fort Collins and the Northern Colorado area.