How much is your Mooresville area Home Worth?
If you are considering selling your home in the Mooresville, NC area I am sure you have many questions. When a person has made the decision to upgrade their home or downsize to a smaller home the first and most important question to ask is, “How much can I sell my home for?”
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As a home owner this question can be very difficult to answer because there are many factors used to determine the value of your home. For my clients, I always provide a detailed comparative market analysis for their home, which compares nearby, SOLD homes with similar features, square footage, lot size and amenities. I would never recommend a person attempt to price their home without consulting with a professional LOCAL realtor.
A great real estate agent can provide you with the most accurate price for your home in the current market to sell your home fast and for the most money. See more about the strategies I use to sell my clients homes in the Mooresville area with fewer days on market (DOM) and typically for more money than they expect.
Some homeowners will consider selling their home For Sale By Owner in an attempt to avoid paying realtor commissions. Years of experience and national statistics show that the average sold price for FSBO homes is 25% less than homes sold with a realtor. When you consider a $200,000 house, 25% equates to $50,000 additional you can make just by hiring a realtor to assist with the sale. Remember, the best realtors offer much more than listing your home for sale in Mooresville, NC. A great real estate agent in Mooresville will do all the hard work for you so all you have to worry about is keeping your home in clean, welcoming condition for when a potential buyer wants to schedule a showing.
If you are still debating on attempting to sell your home without a realtor, click here for more information about selling For Sale By Owner in North Carolina.
Now, let me get back to the purpose of this blog post. How do you determine your homes value? As I stated before, a good realtor will perform a home valuation through a comparative market analysis. When choosing homes to compare during an analysis, the properties need to actually be comparable. For instance, a 2-story 4 bedroom home should not be compared to a single level or ranch style home with 3 bedrooms, even if the homes are in the same neighborhood. The homes are just not comparable. I will tell you that during my years of experience as a real estate agent I have seen countless realtors compare properties like this and ultimately pricing the home way above market value or for much less. This will result in your home either sitting on the market for much longer than other homes in the Mooresville area, or a quick sale earning you a lot less for your home. You can see poor home pricing on a daily basis by watching property listing that continually update with price reductions, sometimes almost daily. This should never be the case, even in a stable real estate market.
The best realtor in Mooresville will be selecting comparable homes, the homes don’t have to be identical but you do need to compare apples to apples. Another important criteria when comparing like properties is to only choose SOLD properties, not ‘currently for sale’ or ‘under-contact’ homes. I recently worked with a client to buy a home listed by another local realtor and, after looking at the agents comps, I quickly realized 2 of the 3 homes used were currently under-contract. Of course, as I always do, I ran my own comparable analysis for the home my client wanted to buy and found the other realtor was overpriced by almost $20,000.
The problem with using an under-contract home is nobody but the parties involved in the sale or purchase of the home will actually know exactly what the house will ultimately sell for. Once the local MLS receives the sale information from the closing attorney and bank this information will become public knowledge and the home listed as “SOLD”. By comparing current or under-contract homes to sold homes you are basically saying the home that has not SOLD is priced 100% accurate and there will be no negotiating on the price between the seller and buyer. I guarantee you this will never be the case.
A good realtor will also use homes sold within the last 6 months. This is because you always want the most up to date comparison of the local Mooresville real estate market. The market fluctuates almost daily, using sold listing more than 6 months ago can result in a lower or higher home valuation depending on the current state of the market. We all saw this right after the market crashed 10 years ago and it can happen at anytime.
There are a few things I always recommend to fix before selling your home. You can read more here!
Lastly, there are a few other criteria used when determining the value of your home in the Mooresville area. These include:
- Number of bedrooms and bathrooms
- Square footage
- Whether home has a garage or not
- The homes age
- Condition of the home
- Home features (HVAC, etc)
- Location
- Kitchen (upgraded or not)
- Size of the lot
- Neighborhood
Even for the seasoned real estate professional, determining how much a home is worth in the Mooresville area can be challenging. I would not recommend anyone, without proper knowledge, attempt to price their home with consulting with a top LOCAL Realtor. If you have any questions, or need assistance answering the question “How Much is My Home Worth in Mooresville?” I am always here to help! You can schedule a phone or in person meeting with me and we can sit down and discuss your wants and needs from the sale of your home.
