How Much Will I Get When I Sell My House?
Selling your home is often an emotional experience, especially if you’ve lived in it for an extended period of time. For a variety of reasons, sellers are often deeply attached to the place they’ve called home for years.
That is wonderful, but it’s critically important that you don’t let your emotions completely take over your thought process when pricing the home for sale. (1) For many, you will feel that your house is worth more than it really is. After many years of living inside the same walls, we can easily forget the ever-changing market and what people look for in homes. Therefore, before putting out your house for sale, it is essential to know what it is worth in today’s market.
Having the realistic value of a home has an enormous impact on the entire selling process. We buy houses Kansas City and know that having an idea of what your house is worth will impact how you price the house and how long it will take you to find a buyer. The number you come up with on your own will highly likely be higher than what a professional would recommend. That is okay, we understand that as a homeowner you have an emotional attachment to your home. However, you should be objective and look at it from the perspective of the buyer.
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There has been shifts in the buyers’ market to the seller’s market in recent years in most parts of the country. That means the demand for homes is higher than the supply giving sellers a stronger negotiating power. That way, you can get away with pricing your home a little higher than the market value. However, it is wise to have a realistic idea of your homes’ value before putting it on the market. Do this, and you won’t be disappointed when someone comes with a lower offer that will be close to its market value.
Use an Online Calculator to get an Estimate
Using today’s technology, you can easily get a quick and easy estimate of your home’s values. There are many tools online that you can use. An online home value calculator uses information like recent sales data and public records to generate a website. Zillow and Redfin are some of the most popular sites to get an estimate. However, these estimates should be taken with a grain of salt as they are only a starting point.
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Get a Professional Appraisal
Online tools may need to give accurate numbers. You’ll need to hire a professional appraiser for a number closer to reality. Appraisers are qualified individuals with the experience and knowledge to evaluate a home properly. Appraisers consider things like square footage, recent sales of similar homes in the area, upgrades and renovations, and any other factors that might impact the value of your property. An appraisal cost will be a few hundred dollars. However, it is worth the investment to get an accurate idea of the value of your home. Their number will be vital when negotiating with buyers and their agents.
How Much Profit is Made?
The profit you make is what is left over after you sell your house and pay off any debts associated with the property, like mortgages, taxes, fees, and repairs. The amount of the profit will depend on several factors, such as how much you bought the house for, the current market value, and how much you spent on repairs and updates. For a home that you have owned for several years, you are likely to make a significant profit. Get a decent cash offer now from
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What if I Owe More Than My Home’s Worth?
It is unfortunate that to owe more on your mortgage than the current value of your home. However, it happens, and there are ways to go about it. In this case, you will need to bring money to the table at closing to make up the difference. This is known as a “short sale.” A short sale occurs when the proceeds from the sale of a property aren’t enough to cover its mortgage balance. A short sale can damage your credit. However, it is much better than foreclosure.
What to Do if the House Isn’t Selling
Sometimes, even after putting in all efforts to make a house look its best, there is a chance that it might not sell. At that point, you will have to adjust your expectations. That doesn’t mean you should ask for a lower price. Instead, you should wait a while until the market improves or becoming more flexible with the terms of the sale.
Anyone can be faced with a situation where their home just won’t sell no matter what is done. In a buyers market, there are more houses on the market than buyers leaving homes stuck in a limbo for months or even years. If you are in such a situation, you can consider renting out your home or looking at other options such as investors and realtors who buys properties for cash.
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Factors Influencing the Sale Price of a House
When you are selling your home, you shouldn’t look at it sentimentally. Your home is an investment and you should be ready to consider logical factors affecting the price of your home. They include the following:
- Location: It is by far the most important factor that determines the value of your property. The location of a house is what makes it unique and, in turn, influences the price.
- Condition: A great location can only take property so far - if the house is in disrepair, it will be difficult to sell at a good price.
- Size: Generally speaking, the larger the property, the higher the price.
- Age: An older home will likely sell for less than a newly built home, all else being equal.
- Updates: If your home is outdated, it will likely sell for less than a comparable home that's been recently updated.
- The market: The current state of the housing market - whether it's a buyer's or seller's market - will also influence the price of your home.
About the author
Benjamin Allgeyer
Benjamin Allgeyer is a real estate investor and the owner of Crown City Home Buyers, a cash home buying company based in Kansas City, MO. Benjamin has a passion for helping homeowners who are facing difficult situations, such as foreclosure or financial distress, by providing them with a quick and hassle-free solution to sell their homes. He is committed to providing his clients with exceptional service and helping them achieve their real estate goals.
We here at Crown City Home Buyers are dedicated to getting the most cash possible into your pockets for your home as-is, so that you can get the most out of this situation and prepare to move on. We will buy houses in any condition without you needing to fix your home before sale.