Selling your house in Georgia -What is it worth
Before you try to sell your house, it may help to know what your house is worth. How do you decide what to list it for? Do you spend $400 and call an appraiser? Here are a few low-cost tricks to get what you need to sell your house for the right price.
What your house is worth in the current market
To be clear, when it comes to selling anything, a dollar in will not give you a dollar out. You can not add an extra $6000 to the price of the house just because the new roof cost that much. Be careful to not do repairs on a house you are trying to sell without getting an opinion from a house professional.
A house is only worth what someone is willing to pay for it. Selling a house in a neighborhood that averages $150,000 will not sell for $250,000 just because you added a lot of bells and whistles. Make sure to keep any repairs or upgrades budget inside the limits of selling that house in that area.
Where do I start
Selling a house is similar to selling any used product, price is subjective to what else is available at the time you are selling your house. Are there other houses for sale? What condition are those houses? It is best to start with a general “big picture” and work down from there.
Two big factors that will get you started knowing what your house is worth starts with the neighborhood you are in and the school district. The school district and where in town your house I located plays a big part in what buyers are willing to pay for your house at that location versus the same house in another area.
Now that we have that established, lets go online. There are a few websites that can help determine a range that your house is worth. Of course, if you want an exact number, you will have to pay for an appraisal.
What are other houses worth?
Georgia housing records are very thorough and most can be accessed online. Qpublic is Georgia’s online tax assessor’s website. It shows the sales history for most houses in Georgia by county. You can find “sales in the area” on the tax page for your house. Compare other houses that have sold in the last six months with close to the same square footage and age as your house.
Another website that has fairly accurate figures to find the worth of your house is Trulia. Although not the best way to go, it is free and has more recent sales than other sites. Click on the buying tab and find “recently sold”. Then adjust the map for the area your house is in. This will show you houses that have sold in the last year or two in the area you select.
You can also ask real estate professionals what houses in your area are selling for. House buyer and agents deal with houses every day. Talk to the neighbors that just moved into the area. See if they can tell you what they paid for their house.
Remember, it does not matter what other people are trying to sell their house for, only the houses that actually did sell and the price they sold for.
Adding up the value of your house
Find five or six houses from each source that are similar to your house in Square footage, style and age (try to keep within +/- 10%). If you can not find any houses in your neighborhood, look for the closest houses that have sold that are similar to yours. Your trying to find houses that are as close to the same as yours as possible.
Now that you have four or five houses with the same general factors by size, age and location, we now start adding or taking away finer details.
Features that can add to your house
- -Metal roof
- Swimming pool
- Landscaped yard
- Security system
- updated kitchen/bathrooms
What can take value from your house
- Gravel driveway, if everyone else is paved
- Two stories, if most of your buyers are older
- House needs repair
- Outdated décor
- High crime rate
This is where the worth of your house can get difficult. Any features your house has that is not in other houses can add to you value (BUT, not dollar for dollar). A general rule can be to add 5-15% to the value of the house, depending on the features you have. It I best to find other houses that have the same features you have.
Learning what your house is worth is not an exact science. With this, you should get within plus or minus $5,000 of what your house should be worth. Ultimately, the higher you try to sell your house for, the longer it will sit on the market. If you need to sell your house fast, it needs to be priced right.
If you have any question or would like an offer for your house, contact us.