This may sound a bit tricky, but in reality if you know the right ways to determine a fair market value, the entire process can be smooth sailing. When you’ve paid off your monthly mortgage payments and maintained your home, you deserve a price worth all your efforts. And all you need to ensure is that you are getting a fair market value. Three factors listed below can influence market value.
- Specific house
The location and neighborhood is where you start and the same exact home can be discovered in another city or neighborhood. This is not a factor that should be considered in order to set a value to your house. Never confuse yourself by considering the value of the home in the same or adjoining neighborhood.
- Present condition of your home matters
The second main factor is determining a price depending on the overall condition of the house. The condition of your home will determine the number of buyers who will be interested in buying it. Homes that require more work and need some improvements will have less demand or a low market value. Professionals suggest subtracting 2-3 times the amount needed for repairs from the actual price of the house.
- The 30 to 90 days rule
In most markets, if you put your home on sale it should get sold between 30-90days. If this doesn’t happen, then probably you are asking a price that is too high even if you have a “perfect” house. On the other hand if the house sells within a short period then the price is too low.
As you can see in the above jotted points, equating how much your home is really worth is not an exact science. It is just few simple and logical ways that you need to consider when you plan to sell your house.