Many people underrate just how difficult it is to determine the value of their properties and set a balanced asking price after they’ve decided to sell a house. As such, they usually end up finding this out the hard way, and (in most cases) after making a slew of mistakes that result in their listing either scaring away buyers (because they’ve set a price that’s too high) or drawing in tons of cheap attention (because their asking price is way below market value). If you’d like to avoid falling into either of these two camps, read on to learn more about how to set a balanced asking price.
In any home sale, the first step that a seller must make is to determine the value of his or her house. However, when doing this, sellers often get caught up in their attachment to their property, and in the memories that they may have created in said home. All of this adds an emotional attachment to the home sellers, which can sometimes unrealistically affect their valuation. It can result in a homeowner pricing their properties way out of range, as compared to other similar properties on the market, which can then have terrible effects on their home sale efforts as we determined above.
However, you can avoid this by taking the time to understand how professionals value properties and following the same practices. While it may be difficult to set a balanced asking price because you love your home (and feel it should be valued much higher), real estate transactions require you to be realistic, if not competitive. Read on to learn more about how to value your property in Shakopee MN.
How to Determine the Value of Your Property in Shakopee MN
Below, we are going to show you what you should do to accurately determine the value of your property in Shakopee MN.
A comparative market analysis, commonly known as a CMA, helps professionals accurately determine home values in Shakopee MN. This process requires valuers to compare their properties to other similar listings within their local area. Additionally, It comes with predetermined values for additional features (such as a 2-car garage compared to a one-car garage). When completing a CMA, you should be aware of the fact that if the other comparable listings surrounding your home have features that your property is lacking, these predetermined values would be deducted from the average selling price of those properties during comparison.
No matter which method you use to sell your house ( e.g. hiring a real estate agent, selling via auction, etc), it would be wise to have your own CMA performed. This will help you find the most accurate value of your home at that time, based on your current real estate market trends. By doing so, you can avoid being shocked or insulted when buyers arrive with lower offers than you’d initially expected.
Often, homeowners who try to sell their houses on their own will find themselves tangled in the web of internet marketing. After a great deal of time has passed, being unsuccessful many often require them to turn to a real estate agent. However, whether you choose to sell your home on your own or via Listing with an agent, one thing is certain. There is no way to determine how long your home will be on the market as a listing. As such, this must be taken into consideration when you’re determining the value of your home. If the situation requires it, lowering your asking price in order to avoid holdings costs may be the better option in the long run.
When you set out to determine your house’s value in Shakopee MN, no matter which listing style you select, you should consider the fees and expenses you may face. In addition to your marketing costs, should you choose to work with an agent, there will also be commissions. The commission you’ll face is usually based on a percentage of the sale price. For example, the typical commission you’ll face with the average real estate agent is 3%. However, as there are two sides to a real estate transaction (and, as the seller, you’d typically be responsible for paying your buyer’s agent fees as well), a home selling for $400,000 would deduct $24,000 from your profits alone in agent fees. It’s also possible that the closing agent and the real estate agent’s office could charge transaction fees.
Being forewarned is being forearmed… never is this more true than when you’re selling your home in Shakopee MN. When determining your property’s value, it would be wise to order an inspection. If something is seriously wrong with the property’s structure, a buyer may require you to fix it, or make other smaller repairs before closing. As such, it’s wise to make these home repairs when selling your house before you officially list it. However, you should note that paying for repairs is very expensive, and can cost you thousands of dollars that you may not be able to get back from the sale.
There is a Better Option: Sell Your House Directly to FastPath Home Buyers
Let us Buy your House
If you’re looking for the best way to sell your house in Shakopee, you should consider selling your house directly to our company, FastPath Home Buyers. Here at FastPath, We Buy Houses in Shakopee MN and throughout the greater state of Minnesota for Cash. You may be wondering, “Why is selling directly to FastPath Home Buyers the best option for me?” If so, here is your answer:
- We Pay Cash for the Houses that we Buy.
- We accept houses “as-is” so you won’t have to worry about paying for repairs.
- We come directly to you, so you won’t have to worry about spending money advertising to potential buyers.
- We require No Fees or Commissions so you won’t have to stress over having to open your wallet in order to sell your house.
- We close quickly (usually in as little as 7 days).
So what are you waiting for? Give FastPath Home Buyers a call and we will buy your house quickly… and make your home sale stress-free. Call us at (612) 351-2384 or fill out the short form above today!
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