How do you determine what your house is worth?

How do you determine what your house is worth? If you’re considering selling and aren’t sure how to price your house or you’re considering buying and want to know what to offer on a home, then this video will help. Hi I’m Kimberly Ritter and I’ve been selling Real Estate in the Carolinas for over 22 years, I’ve sold over 600 homes in my career, so I have a lot of experience on how to price homes. Here are a few 5 things to consider. Size, Condition, location, marketing and negotiating. All of these have a huge effect on the price. Wouldn’t you agree that you can’t compare a home that is 2,000 sq. feet to a home that is 4,000 square feet? That would be comparing a maserati to a hyundai, they just don’t match. They are not comparable. So make sure you are comparing the size just like an appraiser would. In most cases if there is enough inventory an appraiser likes to go anywhere from about 200 to 400 sq/ ft. difference both higher or lower to use as comparables to determine pricing. If there isn’t enough inventory, they will make adjustments in their evaluation of what the home is worth based upon the difference in size. Now let’s think about Condition. Again, think about this in relation to a car, you can’t compare a beat up old truck to a brand new shiny car right, well a home is the same. When pricing you have to look at things like, how upgraded is your home, how modern is it, what is the landscaping like, are you in a great location, how does your area compare to others, are there any nuisances like power lines, heavy traffic, or anything else that could be considered undesirable. Remember, when pricing, it’s natural to feel like your home is worth more than everyone else’s because we have an emotional attachment to it. But it’s necessary to look at all the variables because underpricing your home will cause you to lose money and so will overpricing your home. I hope this helps and as always reach out if you have any questions regarding real estate in Charleston.

How to determine my home value
Video Transcription

Kimberly Ritter: How do you determine what your house is worth? If you’re considering selling and aren’t really sure how to price your house, or you’re considering to buy and want to know what to offer on a home, then this video will help. Hi, I’m Kimberly Ritter and I’ve been selling real estate in the Carolinas for 22 years. I’ve sold over 600 houses in my career, so I have a lot of experience on how to price homes. Here are five things to consider. Size, condition, location, marketing and negotiating. All of these have a huge effect on the price.

Wouldn’t you agree that you can’t compare a home that is 2000 square feet to one that’s 4,000 square feet? That would be comparing a Maserati to a Hyundai, they just don’t match. They are not comparable. So make sure that when you are comparing the size just like an appraiser would. In most cases if there is enough inventory an appraiser, he likes to go anywhere from 200 to 400 plus or minus in the square footage for comparables, in order to determine the pricing. If there isn’t enough inventory, then they’ll make adjustments in their evaluation of what the home is worth based on the difference in size.

Now let’s think about condition. You can’t compare a beat up old truck to a brand new shiny car. Well a home is the same thing. When pricing you have to look at things like, “How upgraded is your home? How modern is it? What is the landscaping like? Are you in a great location? How does your area compare to other areas? Are there any nuisances like power lines, heavy traffic, or anything else that could be considered undesirable?” Remember when pricing it’s natural to feel like your home is worth more than everyone else’s, because we have an emotional attachment to our houses. But it’s necessary to look at all the variables because underpricing your home will actually cause you to lose money and so will overpricing your home. I hope that this helps and as always, reach out to us if you have any questions regarding real estate in Charleston.

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