One of the questions we hear most often from sellers is “how much can I get for my home?” The answer is simple: it’s whatever a buyer will pay. Home sellers determine their “list” or asking price. Home buyers determine the actual sale price.
Buyers are smart, and they tend to be savvy about the real estate market, so they recognize an overpriced (or underpriced) listing when they see it. The goal of setting that initial asking price is figuring out what a buyer is willing to pay for your home or condo — in other words, its market value.
How to Determine Your Home’s Market Value
Calculating your home or condo’s market value, however, isn’t so simple. It takes an in-depth understanding of Pittsburgh housing market trends, knowledge of what buyers are looking for, and experience in pricing strategies to determine which asking price will get you the most money for your property. An experienced real estate professional is your best resource when you want to know the value of your home or condo.
It’s always a good idea to learn what your home is worth and work on ways to boost its value. Here are a few places to start when pricing your home.
Check Recent Sales in Your Community
Past real estate sales will tell you exactly what buyers have been willing to pay for properties before. By comparing your patio home or condominium to properties that sold in your area within the past few months, you’ll have a better idea of your home’s market value.
Not sure where to start look for recent sales? We have you covered. We regularly keep tabs on the real estate market throughout the Greater Pittsburgh area, so you can take a look at graphs of current vs. sold inventory, average sales values, and days on market stats for a number of communities. Choose your location within Pittsburgh to find a general overview of the local market, or choose your patio home community or condominium building to find current trends for your neighborhood.
Ask About the Competition
Now that you have a better idea about what your property might be worth, it’s time to see what properties are currently selling for. You can check the competition in several ways: drive around and find the “For Sale” signs, use a home selling app like Zillow or Realtor.com, or ask your real estate agent for a list of properties for sale in your community.
Make a List of Your Home’s Recent Improvements
What makes your property special? Do you have a below-grade finished game room that’s a hit with all your guests? Have you recently given your kitchen a total makeover? Anything you’ve done to improve your home’s value, even something as small as repainting your walls, can be considered when pricing your home.
You Have a General Idea of Your Home’s Value — Now What?
A successful real estate agent knows the nuances of the local real estate market, so they can pinpoint a price that will attract a wide audience of buyers and get you the highest sales price.
Not only are we Pittsburgh natives and experienced real estate agents, we have over 35 years of combined real estate and home construction experience. We can tell you which improvements will give you the most bang for your buck, and if you need to make any repairs before you list your home, we can connect you with a skilled subcontractor who can take care of the details.
Most realtors will provide you with a basic market analysis of comparable property sales in your neighborhood. We prepare a complete, comprehensive market study. We’ll show you what houses are selling for, how many days homes are staying on the market, which properties did not sell and why, marketing trends in your municipality and county and we’ll offer proven strategies to put more money in your pocket at the closing table.
Ready to learn what your home is worth in today’s market? Ask us for a free home evaluation to get started.