How to Price Your Home Like a Savvy Seller
First, let's think like an appraiser, because bottom line, they will have the last say! Appraisers have a complex system for determining home value, which accounts for the home's condition as well as the values of similar houses in the areas. Use this site as a resource to get the latest sold listings in Lake of the Woods, VA so you can stay savvy like the rest of us and make the most out of your investment!
Home pricing is more of a science than an art, but many homeowners price with their heartstrings instead of cold, hard data. Smart sellers know that crunching the numbers is always the better route to an accurate home price. Here’s how they do it.
4 things home sellers do when pricing their homes.
You lose a lot of time and money if you don’t price it right. It's hard to remove the sentimental value and look at the hard data for some seller's. Times are changing and some buyer's are looking for main level living or a multi-generational homes to fit the entire families' needs. So look to the facts of what is being sold and what buyer's are out there. Also take into consideration when you are listing your home. Generally speaking, in the middle of the summer, the market can get saturated meaning some seller's will have to adjust their price to stay competitive.
Another culprit for many misrepresented home values is online tools, like Zillow’s “Zestimate”, that prescribe an estimated market value based on local data. For example, In Lake of the Woods VA, the local data collected doesn't always take into consideration whether you have waterfront, golf-course access which can be an added value and luxury. These estimates can be wildly inaccurate so use these online values as a tool but also integrate the actual sold data of your neighborhood into the final decision for pricing your home.
Don't Expect Dollar-for-Dollar Returns
Major remodels and additions can inflate the square footage and the price without accounting for the surrounding neighborhood. That can create a disconnect for buyers: Wealthier ones who might be interested in the upgraded home disliked the neighborhood, and less affluent buyers couldn’t afford the asking price. That’s not to say that renovations aren’t worth it. You want to enjoy your home while you’re in it, absolutely! Smart renovations make your home more comfortable and functional but should typically reflect the neighborhood.
Use Comparable Sales / Neighborhood Home Values
Of course, the best pricing strategy is to consult a local real estate agent. These professionals have access to the MLS/ listing database and can provide you the results on what is currently on the market, what is under contract and what has recently sold. They’re not just looking at your neighbors; they’re seeking out near-identical homes with similar floor plans, square footage, and amenities that sold in the last few months. They can make an accurate estimate of what you can expect to receive for your home.
Realtors can provide you this information and help you to determine a fair price that’ll entice buyers. Keep in mind, the number might be less than you hope and expect, but by listing your home correctly (not idealistically), this is a sure way to avoid the aches and pains of a long, drawn-out listing that just don’t sell.
Adjust the Price When Needed
Once your home is on the market, you’ll start accumulating the buyers reactions and feedback to your home and price. If you don't see a lot of showings in a neighborhood where the buyer's are looking, you may be overpriced. When it comes to finding a buyer for your home, pricing it according to data is crucial to making the sale. This is the most accurate information available. What could come in to play that the buyer's want: more updates, location, main level living, basements and amenities.
- List View
- Map View
- Grid View
- $295,0004 beds, 3 baths3,000 sqftListing provided by Sean Jones, Coldwell Banker EliteMLS 1009972410
- 4 beds, 4 baths3,192 sqftListing provided by David Coy, Red Cedar Real EstateMLS 1009925166
- 3 beds, 2 baths1,716 sqftListing provided by Donna Ryan, Weichert, REALTORS - Lake of the WoodsMLS 1008362206
- 3 beds, 2 baths1,326 sqftListing provided by John Paolicelli, Long & Foster Real Estate, Inc.MLS 1008129508
- 3 beds, 2 baths1,900 sqft lot 12,632 sqftListing provided by Daniel Seiler, Keller Williams Capital PropertiesMLS 1007542596
- 4 beds, 3 baths2,200 sqft lot 16,552 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1007542078
- 3 beds, 2 baths1,902 sqftListing provided by Mary Tibbatts, Weichert, REALTORSMLS 1007432796
- 3 beds, 2 baths1,668 sqft lot 18,730 sqftListing provided by Lauren Cotton, Century 21 Redwood RealtyMLS 1006211224
- 3 beds, 2 baths1,660 sqft lot 14,810 sqftListing provided by Penny Ostlund, Coldwell Banker EliteMLS 1004895980
- 0 beds, 0 bathlot 11,761 sqftListing provided by Ruthan O'Toole, Century 21 Redwood RealtyMLS 1004712784
- $147,5693 beds, 3 bathsListing provided by Sandra Bacon, The Bacon Group IncorporatedMLS 1004248104
- 4 beds, 4 baths3,992 sqftListing provided by Kati Sweeney Bock, Berkshire Hathaway HomeServices Select RealtyMLS 1003960688
- 3 beds, 2 baths1,834 sqftListing provided by Jenny Lloyd, Century 21 Redwood RealtyMLS 1002775464
- $560,0004 beds, 3 baths3,374 sqftListing provided by Kenneth Silvester, RE/MAX Gateway, LLCMLS 1002699322
- 3 beds, 2 baths1,400 sqftListing provided by Donna Merryman, Samson PropertiesMLS 1002352334
- 3 beds, 2 baths1,562 sqftListing provided by Michelle Perkins, RE/MAX RegencyMLS 1002271928
- 5 beds, 3 baths2,195 sqft lot 10,018 sqftListing provided by Kimberly Bice, Blueline Realty, LLC.MLS 1002217902
- 0 beds, 0 bathlot 12,196 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1002202912
- 3 beds, 2 bathsListing provided by Krishana Chinn, RE/MAX Executives LLCMLS 1002202762
- $199,0003 beds, 3 baths2,000 sqftListing provided by Vassa Olson, Century 21 Redwood RealtyMLS 1002176052
- $228,0003 beds, 2 baths2,334 sqft lot 18,730 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1005957741
- 3 beds, 1 bath1,000 sqftListing provided by Linda Laub Canty, 1st Choice Better Homes & Land, LCMLS 1002149668
- $358,0004 beds, 3 baths2,330 sqft lot 12,196 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1002124586
- 4 beds, 2 bathslot 14,810 sqftListing provided by Debra Matalavage, Coldwell Banker EliteMLS 1002122434
- 3 beds, 3 baths1,542 sqftListing provided by James Monical, Weichert, REALTORS - Lake of the WoodsMLS 1002118296
- 0 beds, 0 bathListing provided by Jessica Cooper, Century 21 New MillenniumMLS 1002117760
- 4 beds, 3 baths2,464 sqftListing provided by Christopher Ognek, Q Real EstateMLS 1002069454
- 3 beds, 2 baths1,724 sqftListing provided by Denise Vrabel, Assist 2 Sell Sellers and Buyers Realty Inc.MLS 1002090942
- 3 beds, 2 baths1,640 sqft lot 14,810 sqftListing provided by Ruthan O'Toole, Century 21 Redwood RealtyMLS 1002064096
- $172,0003 beds, 2 baths2,148 sqftListing provided by Mark Miller, Berkshire Hathaway HomeServices Select RealtyMLS 1002083282
All listing data, including, but not limited to, square footage and lot size is believed to be accurate, but the listing agent, listing broker and respective Multiple Listing Services and their affiliates do not warrant or guarantee such accuracy. Therefore, all data should be personally verified through personal inspection by and/or with the appropriate professionals. Listing data last updated 12/11/18 6:55 PM PST.
The listing information on this web site is from various brokers who participate in IDX.
Copyright 2018 MRIS. All rights reserved.