The first question on the minds of all our sellers is “What is My Home Worth?” Well of course it’s! If you’re thinking about selling, price is king! So, let’s get right into how we would value your home.
The first thing we do at the Wise Move AZ Team is gather information. We perform a physical examination of your home and neighborhood, then we look at current and historic property tax and sales records. We have a list of about 25 specific home features such as lot size, house size, view, condition, etc. and about the same number of neighborhood factors such as zoning, projected use, the HOA or lack of HOA, and so on.
With this information in hand we:
- Use the MLS and several other super cool online tools to collect data on all homes that are currently listed for sale, recently sold or pending within close proximity to your home (usually ½ to 1 mile from your house). Then we eliminate all listings that are not within the preferred area.
- Next, we eliminate all listings that are too old to be considered relevant. Depending on the circumstances, such as zoning and market conditions, we eliminate homes that sold more than 3 – 12 months ago. That leaves us with all recent and relevant homes sold near your home, plus all active and pending listings, all within close proximity to your home.
- The next step is to eliminate homes that are significantly different from yours using the unique characteristics of your home such as the size of your home and lot, upgrades, number of garage spaces and so on. We continue to eliminate homes until we’re down to between 3 and 6 homes that have recently sold and the same number of homes that are currently listed.
- At this point we have narrowed our search to a collection of closely comparable homes by time, location and features. This is the sample we work with to value your home.
- The next step is the most time consuming and requires intimate knowledge of the market. We painstakingly compare each home in our sample to your home and adjust the prices of the sample homes to make sure we are comparing apples to apples. For example, if your home has plantation shutters and the comparable property does not we will adjust the value of the comparable property by what we estimate the value of the plantation shutters to be. We do this one by one, adjusting all significant differences for each sample home.
Once all significant differences between the sample homes and the seller’s home have been adjusted, we are able to determine, with significant accuracy, the likely sale price of your home.
Finally, all members of the Wise Move AZ Team perform similar but separate independent valuations of your home, then the Team gets together to compare results, verify information, discuss differences and, if necessary, adjust numbers to come up with a valuation that they all believe is right for your home.
Sound complicated? It’s! You need an enormous amount of experience and knowledge about the area, its amenities, the value of things that go into building, renovating, and maintaining a house and property and so much more!
If you want or need to know what your home is worth, give us a call, drop us a email, or text us. We’re happy to help. We give you our word, we will not rely on an electronic algorithm to value your unique home the same way it values the unloved ill cared-for home down the street from you.
In our next blog, we will begin a mini-series or a series within a series on staging your home to sell; you’re not going to want to miss that!
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Remember, if you or anyone you know is looking to buy or sell their home, please give us a call! It’s always the right time to make a wise move with the Wise Move AZ Team.