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.
Avoid Overpricing
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.
To request a personal Home Value Report – Let’s go HERE
SOLD Homes in Lake of the Woods
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$159,900 : 4217 LAKEVIEW PKWY, LOCUST GROVE3 beds, 2 bathsListing provided by Donna Merryman, Samson Properties
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$205,000 : 107 HARPERS FERRY DR, LOCUST GROVE3 beds, 2 bathsListing provided by Krishana Chinn, RE/MAX Executives LLC
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$228,000 : 105 HARRIS CT, LOCUST GROVE3 beds, 2 bathsListing provided by Patricia Licata, Keller Williams Capital Properties
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$358,000 : 149 LARKSPUR LN, LOCUST GROVE4 beds, 3 bathsListing provided by Patricia Licata, Keller Williams Capital Properties
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$282,000 : 423 YORKTOWN BLVD, LOCUST GROVE4 beds, 2 bathsListing provided by Debra Matalavage, Coldwell Banker Elite
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$215,000 : 427 LIBERTY BLVD, LOCUST GROVE3 beds, 3 bathsListing provided by James Monical, Weichert, REALTORS - Lake of the Woods
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$275,000 : 303 HAPPY CREEK RD, LOCUST GROVE3 beds, 2 bathsListing provided by Denise Vrabel, Assist 2 Sell Sellers and Buyers Realty Inc.
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$254,500 : 119 PATRICK HENRY CT, LOCUST GROVE3 beds, 2 bathsListing provided by Ruthan O'Toole, Century 21 Redwood Realty
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$172,000 : 427 BIRDIE RD, LOCUST GROVE3 beds, 2 bathsListing provided by Mark Miller, Berkshire Hathaway HomeServices Select Realty
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$202,000 : 3002 LAKEVIEW PKWY, LOCUST GROVE3 beds, 2 bathsListing provided by Gazexer Green, Green Tree Realty LLC
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$240,000 : 127 JEFFERSON AVE, LOCUST GROVE3 beds, 2 bathsListing provided by Penny Ostlund, Coldwell Banker Elite
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$425,000 : 1323 EASTOVER PKWY, LOCUST GROVE4 beds, 3 bathsListing provided by Patricia Licata, Keller Williams Capital Properties
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$557,500 : 1917 LAKEVIEW PKWY, LOCUST GROVE5 beds, 3 bathsListing provided by Penny Ostlund, Coldwell Banker Elite
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$284,900 : 4304 LAKEVIEW PKWY, LOCUST GROVE4 beds, 3 bathsListing provided by Teressa Taylor, MacDoc Realty LLC
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$177,000 : 106 FAIRFAX LN, LOCUST GROVE3 beds, 2 bathsListing provided by Penny Ostlund, Coldwell Banker Elite
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$282,000 : 112 TALL PINES PKWY, LOCUST GROVE4 beds, 3 bathsListing provided by Teressa Taylor, MacDoc Realty LLC
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$255,000 : 212 SKYLINE RD, LOCUST GROVE3 beds, 2 bathsListing provided by Vicki Martin, RLAH Real Estate
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$144,000 : 300 BIRDIE RD, LOCUST GROVE4 beds, 2 bathsListing provided by Carolyn Hurley, RE/MAX Living
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$540,000 : 420 HARRISON CIR, LOCUST GROVE3 beds, 3 bathsListing provided by Barbara Reilly, Weichert, REALTORS - Lake of the Woods
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$331,500 : 1206 LAKEVIEW PKWY, LOCUST GROVE4 beds, 3 bathsListing provided by Michelle Irby, Johnson & Glazebrook
See all The Ostlund Team.
(all data current as of
10/19/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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