what is my home worth - pricing correctly

Posted by Greg Hancock

"What is My Home Worth?" - Pricing Correctly

Most Monroe, Ohio home owners are usually proud of their property, while just about all home owners across the U.S. ask "what is my home worth?" but usually have an erroneous idea. Every home owner around the world wants to sell their Monroe, OH property (or any location) for as much as possible, right?

what is my home worth

The first thing I will tell you is not to rely on robotic real estate estimators like Zillow and Trulia. They use algorithms, include properties that aren't for sale and for sale or not, cannot see inside your home, realize any upgrades (or disrepair) and a gross disservice to buyers and sellers. Heck, they were 10's of $1,000's off their own CEO's property.

So, for those considering selling their home, how do you know what a fair market value is? You need to realize, if you're not in the fair value market range your listing is going to do one or more of the following:

  • Not attract qualified buyers
  • Stall on the market
  • Expire

All the above are symptoms of over-pricing. One of the worst things to do is offer a price-reduction down to what the fair market value was to begin with. This is blood in the water, and now buyers are really going to dig deep for discounts.

Discovering What My Home is Worth

Price the home correctly, sell it faster and almost always for more. Yep, that is exactly how it works.

After you locate and hire a great real estate agent (better do your homework) he or she is going to run comps or CMA's (comparative market analysis) matching feature to feature of homes for sale in Monroe, Ohio (or wherever) exact as possible, what Monroe, Ohio homes sold for in the last six months, and what homes for sale in Monroe expired (did not sell).

This information gives a clear indication of fair market value, which is actually a price range, not a fixed value. Low end of this range is for those selling in a hurry, the medium range for those that do need to sell in a reasonable time-frame but need more net. Lastly is the highest price range, and expect 6-8 months on the market to net every penny possible but for those sellers who are in no hurry.

Just because you're not in a hurry to sell, don't overprice the property or you'll eventually end up taking much less than if you had priced correctly at the outset.

Sell Your Home Faster and for More

If you're considering listing a property on the Southern Ohio real estate market, anywhere in the Greater Cincinnati area including places like Monroe, West Chester or Mason, Ohio, take a look at our exceptional dynamic real estate marketing. We often sell homes in the very first week they are listed for the target net. You'll also want to look at our reviews too!

greg hancock, realtor ohio

Greg Hancock

Realtor, Webmaster, Social Media 513 360 7061

Greg@SWOhiorealestate.com

Contact my business partner Marty Snyder Cell: 513 292 9374

Marty@SWOhiorealestate.com

2 Responses to "what is my home worth - pricing correctly"

Marty Snyder wrote: Spot on Greg. Spot on. Robotic real estate estimators like Zillow and Trulia will never be accurate, let alone even coming close. House value algorithms cannot see inside a home, track home improvements or damage or factor how unique or common a home's features are. Especially when they don't have access to MLS's for true comparative market analysis - best to rely on competent Realtor's comps and local property value appraisers. I see all the time like with homes for sale in Monroe, OH where Zillow and Trulia have been off upwards of 30% or more. Bad for sellers, bad for buyers and bad for real estate agents.

Posted on Wednesday, August 2nd, 2017 at 9:04am.

Greg Hancock wrote: Thanks Marty, appreciate your comments - yeah, what can I say, Zillow sucks; hurts buyers, sellers and real estate agents. I notice they lost about $220 million in stock value lately. Maybe consumers and real estate agents are starting to realize how awful they are.

Posted on Thursday, August 31st, 2017 at 3:02pm.

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