Skip To Content

Changes to Home Values

There’s a delicate balance between getting the best price for your home and achieving a fast home sale.

How much you ask for your home when it first hits the market can be the difference between selling fast for a great price and missing out on motivated buyers. 

The current market is a bit unconventional, though. The greatest threat to many home sales is a low appraisal. Mortgage lenders won’t approve your buyer’s bid unless the appraisal supports the price. Given this challenge, how much should you ask for your home?

Calculate Your Home Value

One of the first things to help you do when you decide you would like to sell your home is to evaluate your home and recently sold houses similar to yours to determine a realistic home value for your property. In the active market, we are in right now, you want to look at the average home price in your area within the last two months instead of four to six months, and this is a different trend considering the pace of today’s real estate transactions. 

Real estate professionals will create comps based on a few factors. The same Age of Construction is also a factor that is considered. So you want to look into the price for homes built around the same time. Along with the same style of a home. Real estate professionals will compare ranch homes to ranch homes. Also, the geographic location plays a factor in the homes selected for comparison.

Ask for the Right Price

Most of the awareness for your home will happen within the first two weeks it’s on the market. Therefore, an accurate price upfront will attract the pool of potential buyers in your home’s target price range rather than those dependent on you lowering the asking price.

Protect Your Appraisal Value

Mortgage loans falling through due to low appraisals is one of the most common reasons a home sale falls through. When comparing your offers, buyers who are prepared to put down 20% or more or who guarantee the sales price regardless of the appraised value are less likely to fall through for appraisal purposes.

In our current Cheyenne and Laramie County real estate market, we’re seeing low appraisals, appraisal gaps in contracts, and a need for an agent with the experience, patience, and knowledge to walk sellers through it every step of the transaction. Be sure that you are working with an agent you can rely on to work diligently for you.

Need Cheyenne real estate help? 

Put our professionals to work for you. We have experience, integrity, negotiation skills, and the power of the global brand of RE/MAX behind us. What’s this mean for you? You can know that we have your best interests at heart, you can count on us to listen, and you can understand that your objective is our objective regarding your real estate goals. Connect today at 307-635-0303 or online.

Trackback from your site.

Leave a Reply