Why Is Price Important?
Price is the number 1 thing to consider before selling your home. It will likely determine whether your home sells at all. The idea is not to leave any money on the table, but to price correctly so that you solicit bids on your home as quickly as possible.
How Do I Know The Market Value?
One of the most important considerations when trying to determine the market value of your home is to find a REALTOR ® that has a deep knowledge of the area. Valuing a property is as much an art as a science. Things such as finished or unfinished basements, lot location and size, and various other factors can affect the value of your home, and it's important to find a REALTOR® who is knowledgeable enough of the area to make a good determination of value.
As a REALTOR ®, the first thing I like to do when trying to determine the value of a home in Indianapolis is to use MIBOR's system to look at all homes that have sold in the same neighborhood over the last 6 months. This is important because MIBOR has the most accurate data and data that both Trulia and Zillow do not have.
If you don't live in a neighborhood, using a 1-mile radius to find similar homes is the preferred methodology.
When finding comparables, there are a few simple rules to follow:
The square footage of the comparable must be within 200 square feet of the original home
The comparables should be of similar style (e.g. brick ranch, 2 story colonial, log cabin)
The interior of the comparable home should be similar (or an adjustment must be made)
While technically you can only base the value of your home on comparable properties that have sold within the last six months, it's important to consider properties that are still on the market, as they provide a look at your competition when you list your home.
Typically I will produce a Comparable Market Analysis (CMA) for my clients that looks something like this:
If you'd like a licensed REALTOR to help you determine the value of your home, just give us a call at 317-855-0216 or email at email@example.com.