Friday, October 18, 2019 / by Judy Hamilton
What details do you need to know to determine the value of your home?
If you are considering selling your home and you are not sure how much equity you may have, this video will help you. Hi, my name is Judy Hamilton with Homes by Judy. I have sold hundreds of homes in my career and I would like to give you some tips. The differences in value will rely on several details about your property. These details are size, location, and condition. For example – a larger lot is worth more than a smaller lot. A preserve or lake lot is worth more than a lot where the home backs up to another home. A 4-bedroom home has additional value compared to a 3-bedroom home. A 3-car garage has additional value compared to a 2-car garage. A newer home has more value than an older home unless you live in Avondale. Upgrades add to the value of your home. Things like newer appliances, new roof, new air conditioning. A clean good smelling home will sell faster than one that is cluttered, messy and smells like onions. A home is like clothing for people, I believe. They will not want to try on someone’s clothes if they do not look clean and fresh. And don’t ask me why they would try on someone else’s clothes– I am just like that analogy and think it is right one. Check out my video about if your home can Pass the test for more details. All of these different pieces of the puzzle will lead to a good understanding of your value if you have the right real estate agent helping you. Because the value of your home is not SUBJECTIVE – it is objective and actually tied to a numerical factor by an appraiser. Remember, if the buyers will be using a mortgage to purchase your home – you are going to be appraised by the lender and if you have played fast and loose with your pricing this is the moment the whole transaction can come to an end. There are times the buyer will pay more than the appraised value and I am happy to talk to you about that. Reach out to me for more info. This is Judy with Homes By Judy.
Remember, if the buyers will be using a mortgage to purchase your home – you are going to be appraised by the lender and if you have played fast and loose with your pricing this is the moment the whole transaction can come to an end. The buyer may be willing to come up with the difference in cash for the appraised value – but I wouldn’t count on that. If you are the only home available and it is a hot and heavy market with lots of offers – that could be a different story.