Whether you are contemplating a move or just want an estimate of your home equity, it’s good to have a basic understanding of your home value. Often people get confused by the wide array of numbers they see – everything from online estimates, to Wake County real estate values, to what your neighbor’s house sold for last month.
By far the prevalent and best way to determine residential real estate value for most homes in the Triangle is the Sales Comparison Approach. This involves evaluating at least three homes as similar to your home as possible that have sold in the past 6 months (up to 12 months depending on the number of sales). Here are a few other important factors that are considered:
- Square footage in basements and finished third floors are not priced as high per square foot as the main two floors, no matter how many upgrades you have put it in!
- Overall condition and updates, such as age of roof and major systems
- Location – a home on a busy road versus in a quiet cul de sac in the back of the neighborhood
There are lots of additional factors to weigh, such as competing new construction and inventory at your price point. So when you are looking for a sales price, please contact me for a consultation or hire an appraiser to determine the best price.
It is a common mistake for sellers to think that the higher they price their home, the more money they will get. In fact, the opposite can be true:
- The right buyers won’t see it
- The higher priced buyers won’t want it
- Your home many not sell until price reductions are made
- Your home must appraise at the selling price for the buyer to get financing.
I’m always happy to answer your questions! Send me a note at firstname.lastname@example.org