TIPS ON VALUING YOUR HOME!

Video Transcription

Speaker 1: Hey, guys. Roe here from Sell House Now Cash. Want to share a quick video about some tips of how to value, how to come with a value of your home in 2018. Okay? Some of the things I’m going to say you’ve probably heard before or maybe not, and some people find things more important than others. But I’ve seen collectively this is really important.

So, first thing to look at, obviously comparable sales, right? That’s a given. So you got to look at properties that compare to yours that have sold in your neighborhood. But what’s really important and some people forget is proximity. So how close, right? If you’re on 123 Main Street, a really good comparable would be on 124 Main Street, etc. I know a lot of people know this, but it’s really important to base it around that, okay? Because it actually might be in your favor to do this. Okay? There might be properties that are selling for less but they’re 10 blocks away and it’s a rougher neighborhood or that neighborhood is not developed yet. The rule of thumb is about half a mile out. That’s about as far as you go. So I think proximity’s extremely important from the comparable sales.

Also, condition. I know this is also a big subject because there might be contractors that tell you your house needs X amount and you might think it needs X amount. So the best way I can put it is base it on year. So right now we’re in 2018. What do you have to do to your house to make it look like a 2018 home? What does a 2018 home look like? Well, a 2018 home looks like whatever is on the comparable sale that’s sold brand new. Right? When I say brand new, it doesn’t mean construction from the bottom up. But if another investor recently purchased and renovated a home in your neighborhood, that’s a 2018 home. So you look at that one and look at yours, your home might be pretty close. Yours might be a 2010 home and you only got to do a certain amount of things. That’s kind of like the best way that I’d like to put the process, right?

Another thing that’s really important, the third thing I want to talk about that’s really important is days on the market. All this you can find with Zillow.com, Realtor.com, Trulia.com, any of those websites. So it’s really important to see how long they’re on the market. So, for example, if there’s a home listed for sale for $300,000, it’s possible that they can get that money for the home. I don’t know obviously anything. Let’s say it’s a 2018 home, let’s say for $300,000. But if it’s been listed for 120 days, is it really going to sell? Probably not. It might really sell at 270 or something. It all depends.

So I just encourage you to remember those three. Find the comparables in a close range within half a mile, see what you have to do to get your home to 2018 value so you can kind of estimate, and the last one was … I can’t remember now what the last one was. Oh, days on the market. So days on the market. Those three are really important. I hope this helps. If you have any questions, you need anything, give us a call. We’ll be in touch. Peace.

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