WHAT IS YOUR HOME TRULY WORTH?
The first step in selling your home is knowing the difference between value, worth, and price. Let’s examine the determining factors at work. Understanding those factors allows them to be leveraged. There are several ways a home’s value is derived.
ONLINE HOME EVALUATION
Online tools will provide you with a very basic estimate of your home’s current value based on recent comparable home sales in your area using a comprehensive database. Note that the assessment is based on available data with no guarantee of accuracy and often uses an algorithm that simply averages comparable sales in the geographic area. These tools might be quick and easy, but they don’t take into consideration factors like location, current local trends, and the condition or upgrades of the property. Be aware that the prices arrived upon might be highly inaccurate. Example 1 - I recently sold a home in Sycamore IL for $247,000.00. I had taken over the listing from a previous agent who had it on the market for 9 months and got ZERO offers. I agreed to take the listing on the condition that the seller would make some very minor cosmetic changes such as painting a couple of rooms with a current popular color scheme. With their agreement, I also agreed to list the home for the very same price as the last agent. Within 5 days of my listing going live, I had an open house. I had 10 families come through and sold the home to a couple that saw the home that weekend. I sold it for a price within 1% of the listing price! You may be asking, what does this have to do with inaccurate online databases? Well... 3 weeks after
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