Proper Price Evaluation Of A Home

All home buyers as well as home sellers expect the price of the house they buy/sell must be fair and in keeping with the prevailing market conditions

. This is quite understandable as buyers do not want to overpay and likewise sellers also do not want to undersell.

When you are planning to buy a home, it's important to understand how homes are priced in your chosen locality, so that you can make a sound investment and reach a fair price agreement with the seller.

In the world of real estate sales, knowing the right price for a home is considered to be one of the most crucial factors in the closing of the deal. The price element can either make or break a transaction.

Please bear in mind the selling price of a home includes components like the commission to be paid to the realtor, property taxes, advertising costs, excise taxes and homeowner association charges.

Do a comprehensive research to know the price at which a comparable in the same neighborhood was bought or sold. The local real estate agent is indeed the most reliable and authentic source to provide you up-to-date information on prices of comparable properties

You should personally visit comparable houses in your area that are presently for sale and know what the asking price is. Get a true sense of how their size, condition and amenities compare to the property you consider buying or selling. Practical-minded sellers know that they must price their houses according to market norms if they want to be competitive and register a quick sale.

Again, if there are plenty of houses similar to your house for sale in the neighborhood, then the selling price of the house has to be lower than what market conditions would indicate. This is based on the elementary economics principle of supple & demand. You can check out the unsold houses inventory index to know about current supply and demand in the housing market in your area.

Please know that in a seller's market, houses will probably be overpriced, and in a buyer's market, houses will be cheaper. You should study the fluctuating trends in the property market preferably with the help of some seasoned professional real estate agents and then evaluate your house suitably. Do not forget to consider the impact of mortgage interest rates and the job market on the economy.

The future prospects of development for that particular neighborhood can certainly have an impact on price. If major development plans are on the anvil and the prospects of home valuation is likely to appreciate in the foreseeable future - it can mean that the area will be in high demand in future and that should boost the house value.

Certain other factors that can influence the value of a home are - size and condition of the house, design and planning of the house, accessibility to the house, any repairs or renovation and likely cost, distance to schools, colleges and malls, availability of public transportation, noise levels in the neighborhood, urgency in selling the house etc.

There are house price evaluation appraisers and you may hire one of them to get an estimated market value of the home you are planning to sell. They will scientifically arrive at the right evaluation price after taking into consideration a plethora of pertinent facts.

by: Real Estate Investing

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