If you are planning to sell the house and don’t know the asking price, here are a few suggestions that can put you on the right track. That house assessed a decade ago may need reassessment to tell the exact figure. However, assessed value is something that you should not consider as the selling price. There are many variables that should come into picture here, such as market value, trend, lot size, locations, additions and extras. For more precise estimate, try to analyze what needs to be done and what you can sell as is.
In some cases, replacing the house completely, if it is a hundred and fifty years old Victorian mansion with shaky foundation, may be necessary. The cost to replace the entire structure and bring it to a modern house – unless the buyer is planning to build a haunted castle – should be taken into account while negotiating the price. The actual cost so much depends on the location, and it can vary from one region to another. The best thing to do is call the builder’s association and ask for the average cost per square footage on the new house construction.
Comparison shopping is another way to find out what price is best for the house you are selling. This technique may not be mathematical but can be obtained instantly and in line with the market value. You don’t even have to go to a real estate agency to figure this price as many agents tend to deliver the price at the door in the form of advertisements. If you insist on figuring out the price by yourself, check similar houses in the neighborhood. Check too for additional factors such as renovation cost, lot size and anything that is different in your house compared to that of the neighbor’s. If you are gauging this correctly, you can clearly see which houses would sell and which houses are grossly overpriced.
Another way to find out the selling price for your house is to visit FSBO sales. These sales unlike MLS listings are hidden from the internet. Only a few real estate agents are aware of such sales. They mostly appear in local newspapers, flyers and magazines. Call to see the house if you come across one. Analyze how that neighborhood is different from your own community. Many real estate agents when contacted are happy to show houses that are similar to yours. However, make sure not to sign any agreement if you are not ready to do business with them seriously. For more info, visit a site like https://www.upnest.com/re/how-it-works.
Selling price can also be obtained from appraisers who will professionally calculate your house price in the current market. These figures are mostly accurate because they put a lot of hard work and formalities in coming up with the ultimate number. So, should you hire one? Yes, but if you are fine with spending anywhere from $250 to $600. For no cost way of setting a price on your house, the above-mentioned tips can be helpful.