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.
SOLD Homes in Lake of the Woods
- Lot SizeN/AHome Size3,000 sq ftBeds4 bedsBaths3 bathsYear Built1995Days on MarketN/A
- Lot SizeN/AHome Size3,192 sq ftBeds4 bedsBaths4 bathsYear Built2003Days on MarketN/A
- Lot SizeN/AHome Size1,716 sq ftBeds3 bedsBaths2 bathsYear Built2005Days on MarketN/A
- Lot SizeN/AHome Size1,326 sq ftBeds3 bedsBaths2 bathsYear Built1988Days on MarketN/A
- Lot Size12,632 sqftHome Size1,900 sq ftBeds3 bedsBaths2 bathsYear Built1985Days on MarketN/A
- Lot Size16,552 sqftHome Size2,200 sq ftBeds4 bedsBaths3 bathsYear Built2016Days on MarketN/A
- Lot SizeN/AHome Size1,902 sq ftBeds3 bedsBaths2 bathsYear Built2002Days on MarketN/A
- Lot Size18,730 sqftHome Size1,668 sq ftBeds3 bedsBaths2 bathsYear Built1979Days on MarketN/A
- Lot Size14,810 sqftHome Size1,660 sq ftBeds3 bedsBaths2 bathsYear Built1987Days on MarketN/A
- Lot SizeN/AHome SizeN/ABeds3 bedsBaths3 bathsYear Built1992Days on MarketN/A
- Lot SizeN/AHome Size3,992 sq ftBeds4 bedsBaths4 bathsYear Built2004Days on MarketN/A
- Lot SizeN/AHome Size1,834 sq ftBeds3 bedsBaths2 bathsYear Built2000Days on MarketN/A
- Lot SizeN/AHome Size3,374 sq ftBeds4 bedsBaths3 bathsYear Built2005Days on MarketN/A
- Lot SizeN/AHome Size1,400 sq ftBeds3 bedsBaths2 bathsYear Built1977Days on MarketN/A
- Lot SizeN/AHome Size1,562 sq ftBeds3 bedsBaths2 bathsYear Built1987Days on MarketN/A
- Lot Size10,018 sqftHome Size2,195 sq ftBeds5 bedsBaths3 bathsYear Built2002Days on MarketN/A
- Lot SizeN/AHome SizeN/ABeds3 bedsBaths2 bathsYear Built1973Days on MarketN/A
- Lot SizeN/AHome Size2,000 sq ftBeds3 bedsBaths3 bathsYear Built1982Days on MarketN/A
- Lot Size18,730 sqftHome Size2,334 sq ftBeds3 bedsBaths2 bathsYear Built1995Days on MarketN/A
- Lot SizeN/AHome Size1,000 sq ftBeds3 bedsBaths1 bathYear Built1980Days on MarketN/A
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(all data current as of 12/14/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.