What is My Home Worth?
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If you are considering selling your home, you must first determine what your home is worth or its value. At Loudoun County Living, LLC, we look at two distinct groups of factors, indirect and direct. Direct factors that affect your homes worth or value include Community, Neighborhood, Schools, Amenities, Transportation, Zoning and planning for future growth. Indirect factors that will be used include Economic Factors, Demographic Changes and Perceptions. Homes will sell or not sell for one of three reasons regardless of the market, Price, Condition, or Location. As agents and homeowners we only have the ability to manage price and condition. The physical location of a particular property is what it is. All of these factors will be used to determine what is a home's value or worth.
The single most important factor to consider when you are considering putting your home on the market is the price tag: how much is your home worth or what is its real value? There are many factors that we use to arrive at our opinion what your home is worth or its market value. Determining what your home is worth/value is part statistics and part art. It is most important to not over price a property as this will limit interest and, after the initial two or three weeks the property is on the market interest and demand will begin to drop as the listing becomes stale. Pricing below market value may result in a situation where you receive multiple offers that will actually result in a better sales price than pricing high and making price reductions.
So how do we do it? The first step to answer the question of what is a home worth or what is its value is to pull comparable listings from our local MLS and look at Active, Pending, Withdrawn, Expired and Sold for similar properties. Some factors used to consider a property similar would be:
- Similar home in the same neighborhood
- Within 1-2 miles of the subject
- Finished square footage within 10% up or down
- Similar age, generally within 10 years
- Neighborhood dividing lines such as major highways
- Lot Size
So now that I have all of these comps, let’s look at each separately as we do when we are looking to see what a home is worth or it value in Loudoun County.
When looking at sold homes we first start out looking at the history of the property over the last 1-2 years. Was it listed before, how long, were there price reductions, what company had the property listed. All of these factors will help us to determine if the property was priced and marketed correctly. We then will compare the final sale price to the actual list price of the home at the time of sale remembering to adjust for any seller subsidies paid on the buyer’s behalf. From this difference we will determine if the property was sold within the ratio of list to sales price for that particular neighborhood. Price reductions for each sold comp will also be looked at to determine if the home was initially listed to high or not. Now here is where some of the art comes in, we look very closely at whom had the home listed and how it was marketed. Not all companies are created equal and marketing does matter in real estate. After considering these factors we will adjust for variances to the subject property. These adjustments can be up or down and will consider factors like lot size, location, lot type, configuration, finished square footage and amenities within the home and community.
We look at similar expired and withdrawn listings to determine why a property did not sell. The factors we use to determine is a listing is appropriate are the same as for sold listings. Days on Market, Price reductions, Condition and which brokerage had the property list are important factors to consider when looking at why a home did not sell. Was the home listed over its fair market value? Was the home listed for more that the home is worth?
While the final sold price for pending sale is not available until a property actually closes, it is important to look at Days on Market and the listing history for the current listing to see if there were any price reductions and how long it took to receive an offer. While a listing agent can not tell anyone what the contract price for particular home is until it closes, often agent will talk to other agents in general terms about a specific property and you will be able to determine whether a property is going to sell for above or below where it was listed. Again it is important to consider Price, Condition, Location and how the property was marketed.
Active listings are your competition. As a listing agent we will tour other properties to compare them to our clients. We will also look at how long a property has been listed, were there any price reductions, how many price reductions and how the property is being marketed. We then compare the competition to our client’s property using the same factors we use to determine if a property should be considered a comparable listing. Are these homes listed for what the home is worth?
After gathering all of this information we are able to provide a fair opinion of what a home is worth or it market value.
Home Listing Syndication
Your home can be advertised on websites all across the web, making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear:
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