Recent reports determined that we’re currently in a seller’s market across the US, making this a great time to finally sell your property.

A seller’s market entails that you can set your asking price on the higher end of your home’s value and that there will be plenty of willing buyers that come your way. 

The first step, however, is calculating home value. How do you determine how much your home is worth before you settle on an asking price?

Read on to learn how to calculate your home value in 5 simple steps.

1. Understand What Affects Value

We often overestimate the value that is added to our property by features like pools and extensive landscaping. For some buyers, these features may represent costly maintenance and lost time. 

When you’re calculating home value, pay the most attention to factors that are always relevant. That includes the size and location of the property, the number of bedrooms and bathrooms, and property type. It also includes condition: is it maintained and up to date?

2. Consider Any Pre-Sale Renovations You Want to Undertake

If you’re selling a home that needs some TLC, you have two choices. The first is to ask less for the home knowing that the buyer will need to invest in repairs and renovations. The second is to invest in those repairs and renovations, yourself, and set a higher asking price. 

Not all renovations are evenly weighted. For example, you might spend $10,000 to install a new deck or patio and discover that this only adds about $5,000 to your property value. Make sure that you understand the worth of your investments and factor them in to your property value.

3. Look at Recent Sales in Your Area

Time to make some comparisons! Take a look at the properties in your area that have sold in the past two years. Narrow your search down to properties that are similar in size and style to your own.

Making comparisons won’t give you an exact answer, but it will give you an idea of how much buyers have been willing to pay for similar properties.

4. To Hire an Appraiser or Not to Hire an Appraiser?

The buyer will, at some point, hire an appraiser in order to satisfy the requirements of their loans. Should you hire your own to prepare for any curveballs their appraiser may throw your way?

The truth is that appraisals cost money that you don’t need to spend. Working with an established agent will do the trick.

5. Work With an Agent

Not sure you want to take all of these steps alone? Hire a real estate agent! Visit www.soldbyshannonhi.com to get started with a renowned agent today!

Make Calculating Home Value Easy

Calculating home value is the first hurdle to overcome as a seller. However, it doesn’t have to be hard! Working with an experienced agent can alleviate your stress and streamline your selling process.

For more on real estate, take a look at more of our content. We’ve got useful articles for buyers, sellers, and real estate agents!