What is my home worth is always a big question sellers have. A lot of people will live in a house for over ten years and during that time they will notice a lot of changes in the area. For example, the Greenville area now is definitely different than it was ten years ago because of how populated it has become. The more populated an area becomes, the more demand there is for houses, which increases their value. Infrastructure is also an important aspect. There are always new stores being built, new developments, better schools, etc., that attract people to the area. In 2000 all of Greenville County’s population was roughly 381,000 people. In 2010, after a considerable increase in new development the population for the county was at about 452,000! As of 2015, the population stood at almost 492,000 people. That is an increase of 111,000 people in just 15 years. The value of homes for the majority of people in the Greenville area have increased rapidly. That leaves sellers in the unknown of what their house is now worth. The best way to determine what your house is truly worth is to get a very knowledgeable realtor.

Realtors will do a walk through of your home to get all the facts they need as well as provide you with a comparative market analysis. This analysis will show you all the homes that recently sold in the area that are similar to your own. They determine similar homes based off the square footage, number of bedrooms and bathrooms, the year the home was built as well as location. People often use online tools such as zestimate and trulia to get an estimated price of what their home is worth. That is not a bad thing to do, but the big key is that it is an estimate. Online resources don’t have the option of walking through your home, seeing any repairs that are needed or even possible upgrades you have done to your house. People often see these values and market their house too low or too high, which can be very detrimental. If you price too high, your home might not get any showings and therefore stay on the market too long. Eventually you would have to decrease the price and possibly to the point where it’s lower than what your realtor had originally suggested because once a property stays on the market too long other buyers get suspicious. Another downfall of pricing to high is that if the appraisal comes in below the purchase price then the buyers will usually have to pay the difference in cash. If the buyers are unable to do so, then they might back out of the deal leaving you back to point A.

Many people are guilty for thinking their home is worth more than it really is, so if you truly can’t come to an agreement with your realtor on what price you should sell for then you can always get a pre-listing appraisal done. An appraisal is similar to what the agent will do, but they are licensed professionals who go into full detail when scoping out your home. They measure the exact square footage of the house, determine what repairs are needed, examine not just the house but the plumbing, electrical, roof, etc. An appraisal will happen regardless once you are under contract because a lender needs to ensure the home is worth the loan amount, it’s just about determining if you want one to determine what to sell at. Keep in mind that it will cost about $400-$500 depending on the size of the property. An appraiser also uses actual data from recent sales, so if you do get a pre-appraisal and then don’t end up selling for a few months, other homes may sell which would change your property value.

There are circumstances where the value of a home decreases instead of increases. The main reason this occurs is due to the physical deterioration of the home. Homes require repairs, replacements and maintenance. If you as a home owner neglect these things, then your home will loose a lot of it's value. For example, the HVAC system typically needs replacement every 15 years. If you want to sell your home, but you have lived there for 20 years and never replaced it then you might have to rethink the value of your home or spend extra money and replace it. It's important to make sure the home has curb appeal for buyers to become interested. The inside might be nice, but buyers may not even consider entering the property if the exterior of the home is outdated. Location is another factor. You may have bought a home 20 years ago and since then a highway was built near your home. This may be a good or bad thing to some people since it would allow easier access to the highway, but also would mean more traffic and more noise. These factors are important to think about when determining what your home is worth.

Something to think about when pricing your home is how home buyers search for properties online. Most people will put a minimum and maximum when searching, but these amounts are typically done in $25,000 or $50,000 increments. If you decide your home is valued at $252,000 it’s a good idea to round down to $250,000 because otherwise you would have missed all the people that put their maximum at $250K. $2,000 might seem like a lot of money to you, but you want as many eyes on your property as you can get.

Doing your own research and using online resources is a good start in determining what your house is worth, but a realtor is the best solution. A pre-listing appraisal is usually not worth the fee since a realtor can give you solid facts. If you have a really unique property, a pre-listing appraisal may be a good idea.  However, a realtor will give you an objective opinion. A realtor will be there for any questions you have.

If you are looking for a great realtor to get your home sold in less time and for top dollar, PRODUCER Realty is the right choice. We deliver exceptional results for our clients by providing world class service. If you are just in the beginning stages of thinking about selling your home or even if you are on the opposite side of the spectrum and are looking to buy your perfect home, we can help. Call PRODUCER Realty today at 864-438-5050.