A buyer has made an offer on the home that you are selling, and you now face the challenge of deciding whether or not to take the offer. You as a seller want to get the maximum dollar potential out of your home that is possible. But, do you know how to determine whether the offer is a fair offer that will reap the best possible benefits? Find out the true value of your home by comparing it to homes that are similar or just like yours in the area. Compare homes that offer some of the same comforts and square footage size as yours. By doing this you can make the best decision when an offer is made.
Take a look at the last few homes in your area that have sold. Compare their similarities to yours, and this is a great way to determine the true market value of your home. By checking in the local classified ads in your newspaper or by calling a realtor and finding out how much homes like yours have sold for is the best way to get started in this process. If the homes you compares yours too do not match up with the comforts that your home has to offer or vice-versa, it is a good idea to look at how much typical homes are selling by square foot.
To figure out how much a home is selling by the square foot is very easy. You simply take the square footage amount (let’s say 2000 sq. ft.) and divide it by the total sales price (for instance $100,000). By dividing the two numbers you will find out what a home is selling for by the square foot. You can make adjustments to this price as you see fit, and it is also important to note that you should include the entire square footage not just the heated and cooled square footage (i.e. garage or carport). There are also other factors like the number of bedrooms, living areas, bathrooms, and the location that can also affect the sales price on a home. That reason is why it is a good idea to also compare homes that are like yours to make sure that you find an average price that is best to compare your home to.
If a home has a market value of $150,000 it is good practice to make an offer that is about 10% less than the asking price, but in no case more than the asking price. If you want to make sure that you are getting the best possible price on your home take into consideration these tips and get the best dollar for your property.