You can find further instructions on requesting a free home valuation later in this book. 3. Conduct your research: Although time-consuming and somewhat risky, you can assess your home's value using online resources. Examine other homes for sale in your area, particularly those similar to yours, and note their prices. This exercise provides a useful benchmark for setting your home's price. • Determining which comparable sales to use and which to disregard is vital. Avoid relying on the following types of comparable sales: • Bank-Owned/REO Properties: Bank-owned homes tend to sell for less than their actual value, typically 5% to 10% below fair market prices, even when they are in good condition. • Short Sales: Short sales are often avoided by buyers and agents due to their complexity and unpredictability, leading to a smaller pool of potential buyers. • Ugly Homes: Unappealing, poorly maintained properties tend to sell for less than well-kept ones, with well- maintained homes sometimes fetching 10% to 15% more or even 20% more if professionally staged. Additionally, consider the state of the housing market in your area:
IN A SELLER'S MARKET:
In this scenario, sold homes matter less. Price your home competitively with other current listings rather than matching past sale prices. For example, even if a home recently sold at what seemed like a $100,000 premium, it could be justified if home prices in the area are rapidly rising. 76
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