Whether you’re considering a sale of your Lexington real estate or you’re simply a curious homeowner, you’ve likely wondered how much your home is worth and what you might receive if you sold it. In this post we’ll share some tips and advice about how to establish the true value of your home and property in the Lexington area.
Start with a Clean Slate
If you’ve lived in your home for many years you may have some pre-existing notions about its value – especially if you’ve completed costly renovations like finishing the basement or adding a patio. You’ll need to put all of this aside, as a home valuation requires an objective approach. You may feel that your home is worth a certain price to you, but the truth of the matter is that if you’re planning to sell your home is only worth what a buyer will pay for it.
Comparing Your Home to Other Properties
It will be tempting to compare your home with others in the local marketplace to gain some idea of its value, but this approach requires a bit of care. Recently-sold home prices are a good benchmark of what the local real estate market is willing to bear, so this is a good starting point. Active listings are also a good place to look, but note that these homes haven’t yet sold so their prices may come down in the future.
To get an idea of what other Lexington homeowners are asking for their properties, click here to view our listings page.
Avoid the Over-valuation Trap
According to numerous studies, the majority of homeowners tend to over-value their home when asked to consider what it might be worth. As with any investment, over-valuing your piece of real estate can create headaches for you if and when you decide to sell. Real estate listings receive the majority of their interest in the first couple of weeks after going live, and having a high price means missing out on serious buyers who would be willing to purchase your property. Pricing a home for a successful sale means finding a fair price that reflects its value.
The Importance of Working with Professionals
Making a mistake in your home valuation can mean leaving money on the table if you sell your home, so it’s very important to ensure that you have your valuation completed by a qualified real estate team. Real estate agents have access to a massive amount of behind-the-scenes data on the Lexington market, including the most recent selling prices for homes that have sold in each of our neighborhoods. Plus, delegating the home valuation process means that you’ll have time to focus on more important aspects of your sale – upgrades, staging and more.
If you’re a homeowner in Lexington, Chevy Chase or another local community who is thinking of selling their home, contact the real estate specialists here at the Nick Ratliff Realty Team. We’ll be happy to assist you with a professional home valuation to ensure you receive top dollar when you sell. Thanks for visiting and we look forward to working with you!