Selling a home can be quite a difficult process. Especially if you have no idea how real estate and properties work. You might have paid a certain amount for your property years ago and are hoping to make a little bit of profit on it. Not knowing what asking price to set or what offer prices to accept can be a real brain breaker.
Many financial institutions like WJL Financial, offer homeowners fair cash offers with added services. But how can you be certain that the cash offer is fair and reflects your home’s value in its current state?
To ensure that no one gives you an unfair deal, here are a few things you should keep in mind when evaluating the price of your home:
1. Look at Recently Sold Houses
You are going to have to do a bit of asking around or online research with this one. Drive around your neighborhood and see whether there are any houses with a ‘SOLD’ sign on the yard. Phone the estate agent and require the price the home has sold for. This will give you an indication of what price ranges are for homes of that size, neighborhood, and condition.
2. Compare
Comparing the price of your home to a mansion with 5 more bathrooms, 3 more outside guestrooms, and a huge yard won’t give you a real estimate. Find properties that has similar amenities, rooms, bathrooms, and living spaces as your own and then compare costs.
As a rule, a recently remodeled 1,000-square-foot house with a single garage will be listed at the same price as a similar 1,000-square-foot house in the same neighborhood. In many cases, homeowners not only buy homes but the area in which the building is built. When you have a one-story property in a quiet suburban area, you can’t compare it to a one-story property in the middle of the city – prices will differ according to location.
Sharp up on your architectural knowledge and learn more about different types of buildings and their estimated costs here: https://www.homestratosphere.com/types-of-houses/.
3. Future Appreciation
Real estate investors and property developers are always looking towards the future. Future prospects of your property and where it is located will have a big impact on the offering price.
Factors that will be considered is whether there are any new and exciting developments being built close by, public transport availability, or whether shops and malls are closing down in the area, amongst many others.
4. Trusted Opinion
No one knows the real estate any better than an experienced agent. If you’ve been offered a cash amount for your property you can consult with an experienced real estate agent for a second opinion. They’ll be able to give you advice on whether the property has been priced fairly or not. They could also suggest an appropriate offering price.
5. Real Estate Market
There are a lot of different factors that play a role in the fluctuation of the real estate market. Factors like the job market, mortgage interest rates, and other economic issues have direct impact on market conditions. To get a clear indication of what you can expect for your property, homeowners should look at whether house prices have been going up or down.
For buyers, properties are usually affordable and underpriced compared to sellers, who will likely pay a bit more. Stay up to date on all current real estate news by visiting this site.
6. Trusted Buyers
A credible and trusted buyer will provide you a fair price based on many determining factors. When you find a financial service that has all the know-how of real estate and determining property prices, then you can trust that their evaluation is fair.
Some trusted buyer companies will save you even more money by completing all the handover forms and guiding you through the selling process. While buying the house ‘as-is’, saving you even more on repairs before selling. Furthermore, you can enjoy the benefits of being paid in cash without paying interest on the money.
If you keep the above factors in mind, you’ll be able to make an informed and sound investment decision when accepting an offer.