17 Panfili Lane is the low maintencne home that you've been waiting for. It offers 1 car off street parking and attached garage. Quaint yard, but ideal for exterior entertaining space. You've got 3 spacious bedrooms, open concept living dining and kitchen area with a fully finished basement. It's all you need! Contact us today to make your appointment!
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If you're hoping to sell your home, knowing your property's value is essential for pricing it right to make buyers bite. Or, maybe you don't want to sell your home right now, but are just curious what your house is worth—and whether your real estate investment has risen in value (which would merit some much-deserved back-patting).
In either case, having an accurate grasp of your home's estimated market value can come in handy. And there are a variety of ways to do that, many of which are free and easily within reach online. Here's how to find that magic number, and why having an accurate estimate matters whether you want to sell your home or own it for the long haul.
One easy starting point with a home valuation is to enter your address into an online home value estimator, which will, within seconds, present you with a free estimate of what your home is worth, based on data such as its square footage and recent home sales in the area. For example, realtor.com's home value estimator provides valuations from three different independent providers to ensure you have as much information as possible from a variety of sources.
Real estate agents specialize in answering the question "what is my home worth?" for their clients, which they do by running a comparative market analysis. This process involves finding similar properties (“comps”) that sold within the past 90 days.
The most accurate comp is a home that’s nearby, similar to yours in square footage, and has the same number of bedrooms and bathrooms. (Ideally, the lot size is also equivalent, but that's more important in rural areas, where homes are set on multiple acres.) Once your agent finds a few comps, then she averages those figures to come up with a baseline of your own home value.
“You should always look at the sale prices of other listings in your community,” says Chris Dossman, a real estate agent with Century 21 Scheetz in Indianapolis.
For instance, “if your neighbor’s home is listed for $400,000 and you want to list yours at $500,000, you'd better be able to clearly explain the difference to prospective buyers." Or else adjust your number accordingly.
Sellers need to consider how home buyers search for properties online. Let’s assume your home's fair market value is $503,000. Yet Dossman points out that many people search for homes on the web using $20,000 or $25,000 increments. The upshot? Listing your home for $503,000 could prevent your listing from being seen by buyers who are searching for homes in the $475,000 to $500,000 bracket, so asking for $500,000 might generate more traffic—and maybe even a bidding war to push that final number well above your expectations.
Also, avoid listing your home at an odd dollar figure (e.g., $999,000 instead of $1 million). While retailers and as-seen-on-TV purveyors of the Miracle Mop effectively present product prices ending in $0.95 or $0.99, Dossman says the same approach doesn’t apply to real estate.
“It’s hard to justify awkward pricing," Dossman adds. "It’s just confusing to buyers.”
“Sellers always think that their home is worth more than it is, because of their personal attachment,” says Dossman.
Indeed, it’s hard to boil down years or decades of memories in a home to a number. It's also hard to accept that your home is worth less than what you paid for it, or that you can't just tack on the full dollar amount of the renovations you've made. On average, renovations will reap you only a 64% return on investment, although that varies based on the type of upgrades you've made.
Estimate your home's value as too high, and it could wind up sitting on the market. That’s a big problem, because a property that goes unsold for an extended period of time (e.g., more than 30 days) often becomes stigmatized.
“Buyers get suspicious when they see a house that’s been on the market for a while,” says Dossman. “They think that something is wrong with the home.”
If that’s the case, the seller may have to make a significant number reduction—sometimes dropping the number below market value—in order to nab a buyer.
Pricing your home below market value in an attempt to stir up interest and generate multiple bids can also backfire. Granted, that strategy could work in a hot seller’s market, but underpricing your home frequently leads buyers to assume that your home is worth only its list price, says Dossman.
Your best bet: Know what your home is worth, and list your home close to that figure—aka its market value. When in doubt, turn to your real estate agent to help you cut through the haze and help you pinpoint the right price
Biggest Tips! Disinfect frequently touched surfaces! Quick video on keeping you and your home safe as quarantine mandates are lifted!
Home Buyer Education Course
If you've been thinking about getting your feet wet in real and purchasing a property, you've come to the right place. Home ownership is one of the biggest financial decisions you will make in your life and should not be taken lightly. Real estate has been shown time and time again to be the foundation for families to build generational wealth.
NAREB in line with their mission began 'House then the Car', one of eight initiatives to light the fire in our younger generation who are heavy in the work force. Often those between 26-45 rent first, not realizing that homeownership may be a better option.
If you are interested in taking a homebuying counseling course, to see if you are ready for homeownership, we encourage you to partake from the comfort of your home!
Congratulations to your clients in meeting their real estate goals! Our agents are exicted to be your guide and resource during your real estate transaction. Looking to buy or sell in NJ or PA? Contact SBR Realty Pros at www.sbrrealtypros.com or (609)392.0600 or info@sbrrealtypros.com!
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2 Panfili Ln, Hamilton, NJ is the home for you! Contact us today at (609)392-0600 or info@sbrrealtypros.com!
Are you selling your occupied home during this pandemic? Check out this video to set proper expectations on your closing time line. Everyone in our industry is being mindful of social distancing and sanitation recommendations. Buyers are experiencing lender delays/processing with most companies working from home and sellers can expect delays with township inspections as well.
In order to offset the delays, we recommend
1. Confirm C.O. requirements for your township2. Be prepared to step out while appraisals, inspections and walk through are taking place3. When your home is occupied, turn on all the lights and open all doors prior to the visit to eliminate contact
We look forward to assisting you during this time. Should you or anyone you need need real estate guidance, contact our agents at (609)392-0600 or info@sbrrealtypros.com.
An optimistic and well written piece on the effects of COVID19 on the housing industry presented by Realtor.com
Some key pointers -
Buyers are still searching for home and there are still sellers who need to sell their home...There have been better mortgage and lending practices set in place to prevent another rescission...Interest rates are at an all time low...
Curious about some of the references and thoughts shared - check out the article here.
If you or anyone you need, needs assistance with selling their home. We are virtually available to answer all your real estate needs!
(609) 392-0600 or info@sbrrealtypros.com
Everyone is on edge, and for those of us with allergies, it's going to be an interesting 2 weeks. Spring is upon us and is coming with a vengeance. Be sure you have already began your spring cleaning, extra dusting and be mindful of the next two weesks as pollen is on the move!
Check out the 15 day weather forecast! Be safe and don't forget your allergy medication and remedy's!
Weather.com 15 Day Allergy Forecast
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